Agency relationships

Question 1

The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding.

Answer 1

Ratification

Question 2

A person who acts for and in the place of another, Called a principal, for the purpose of affecting the principal’s legal relationship with third persons.

Answer 2

Agent

Question 3

A person who would be considered the customer in an agency relationship.

Answer 3

Third party

Question 4

The broker who produce a buyer ready, willing, and able to purchase the property for the price and on the terms specified by the seller. Regardless of whether the sale is completed.

Answer 4

Procuring clause