Agency

Question 1

Agency

Answer 1

A person calls, the principal hiring someone to represent him or her and act in the principles, best interest, and everything is said or done

Question 2

Principal Broker

Answer 2

Only the principal broker can be hired as an agent for a member of the public in a real estate transaction

Question 3

Imputed knowledge

Answer 3

What knowledge you have critical important and material information your client has

Question 4

Subagent

Answer 4

A real estate licensee, who agrees to work with the agent(principal broker) to achieve set forth objectives

Question 5

Caveat emptor

Answer 5

Latin, for let the buyer beware indicates that parties, without an agent or responsible for protecting their own interests 

Question 6

General agent

Answer 6

Assigned multiple tasks like a property manager

Question 7

Universal agency

Answer 7

Does all things in and behalf of the principal example would be an executor of an estate, the guardian of a child, etc. 

Question 8

Power of attorney 

Answer 8

Written authorization to represent or act on another’s behalf in private affairs, business or legal matters 

Question 9

General power of attorney

Answer 9

Give the agent power to sign for the principal in all things, such as a trustee

Question 10

Specific power of attorney (limited)

Answer 10

Limits the agent to signing only and specifically designated and limited instances, such as signing the closing documents for an absent seller 

Question 11

Attorney in fact 

Answer 11

You are an agent, a licensee can only sign or initial on behalf of a client with duly executed power of attorney from the principal 

Question 12

Fully disclosed

Answer 12

The customer knows there’s both an agent and a principal, and knows the identity of both

Question 13

Partially disclosed

Answer 13

The customer knows there is an agent and who the agent is the customer also knows there is a principal, but doesn’t know the identity of the principal 

Question 14

Undisclosed

Answer 14

 The agent indicates he, or she is the principal, even though he, or she is acting as an agent for someone else 

Question 15

Partially disclosed

Answer 15

There is a fire different than the agent, but they are not as closing their name

Question 16

Actual appointment

Answer 16

express, implied,ratification

Question 17

Express appointment

Answer 17

Words or oral agreement 

Question 18

Implied or ostensible agreement or agency by implication

Answer 18

This agency relationship is created by the actions of the agent, and the principle if customers are led to believe that the real estate licensee is their agent, the licensee will probably be considered by the courts to be their agent 

Question 19

Ratification

Answer 19

The agency relationship is approved by the principal after the agency service was created by implication payment would be ratification 

Question 20

Appointment by operation of law

Answer 20

Agency by statute, agency by estoppel

Question 21

Agency by statute

Answer 21

Examples could be a sheriff designated to conduct a foreclosure, sale, or a court appointed administrator, and will that agency was created by law with her at the party, likes it or not

Question 22

Agency by estoppel

Answer 22

The court stops the party to the relationship from denying that agency was previously created through implication 

Question 23

Termination of agency,

Answer 23

Mutual consent, performance, abandonment, destruction of property, and bankruptcy

Question 24

Abandonment

Answer 24

They are the agent at contrary, to the best interest of the principal, or doesn’t act at all 

Question 25

Indemnify

Answer 25

The principle must make up for losses, sustained by the agent, while performing the instructions of the principal 

Question 26

Perform

Answer 26

The principal must be honest in answering questions about the property assist. The agent in performing his or her duties or and keep promises. If the seller says they will pay for a repair or repair a roof at closing they must do that.