Agency Flashcards
A Broker acting as agent for a Principal has as much authority as:
The principal actually or ostensibly confers upon him.
Define Ostensibly (adverb)
Apparently or purportedly, but perhaps not actually.
Similar to apparently, seemingly.
A Broker who is employed by the seller is liable to the buyer if:
He acts in excess of the terms of his contract.
A Fiduciary relationship may be terminated by (name all 3):
Revocation, Death, Agreement.
Define Revocation
When someone who granted or offered something withdraws it, as when a principal withdraws the authority granted to the agent, an offeror withdraws the offer.
“Adrienne” has given “Martin” the impression that “Luis” is “Adrienne”’s Agent even though “Luis” was never given the authority to represent “Adrienne”. From “Martin”’s standpoint, the agency is:
Ostensible (Alleged to be real or genuine)
Define Ostensible (Real Estate)
Alleged to be real or genuine
A Licensee who misrepresents property to the Buyer while acting as an Agent of the Seller, is subject to (Name all 3):
Discipline, Civil Lawsuits, Criminal Penalties
Agency is referred to as the relationship b/w the Agent & his Principal. Name all correct statements about Agency:
Agency may be an expressed or implied contract and an agreement that may be in writing or verbal.
Name the false statement about Agency (Money):
The principal does not have to pay money to the Agent to create and Agency relationship.
All of the following statements concerning Agency relationships. Name all correct statements:
- Most Broker-Seller relationships are expressed Agencies
- The Seller of a home is responsible for the misrepresentations of his Real Estate Broker as long as the Broker is acting w/in the scope of his authorized duties
- The Real Estate Broker is not responsible for losses suffered by a buyer who acted upon misrepresentation of the Seller passed on to him by the Broker as long as the Broker was unaware of the Seller’s misrepresentations.
What statements is incorrect concerning agency relationship (Net Listing):
Net listing are encourage in CA, b/c they avoid conflicts of interest in the Agency relationship.
What is Special Performance?
Is an equitable remedy that is available when a party to a sales contract for real property is harmed by the other party’s nonperformance.
Name the 3 ways in creating an Agency relationship
- Agreement
- Ratification
- Estoppel
What is a Ratification contract?
is created by accepting circumstances that created the Agency after the fact.
What is Estoppel contract?
is created when a Principal doesn’t stop an Agent from going beyond the Agent’s normal duties.
An Agency relationship is said to create Fiduciary relationship b/w Principal & Agent. Of the following relationships, which illustrates a Fiduciary responsibility? Name the 2.
- Any Trustee to a Beneficiary.
2, Real Estate Broker to his Client.
An Agency relationship, such as in a listing, may be terminated by all of the following methods:
- Resignation of the agency by the Real Estate Broker.
- Mutual termination by agreement of both the Agent & the Seller.
- Destruction of the property w/ which the agency is concerned.
An Agency relationship, such as in a listing, may not be terminated by which of the following ways:
Revocation by the Principal if the Agent has an interest in the Subject matter of the Agency.
An Agent who acts exclusively as the Agent for the Buyer may (regarding offer):
Present offers to the Seller & Seller’s Agent.
By accepting the actions of an Agent, even though there is no contract, a Seller may created an Agency by:
Ratification
CA Real Estate Law imposes upon a Real Estate Agent the highest obligation of undivided Interest & Loyalty to his Principal. The relationship is comparable to that of a:
Trustee to the Beneficiary
Fiduciary applies to the relationships b/w people in many different positions. It does NOT apply to which of the following?
Trustor to Beneficiary
Fiduciary applies to the relationships b/w people in many different positions. It does apply to which of the following?
- Attorney-In-Fact to Principal
2, Attorney to Client - Agent to Seller.
