CHAPTE 4

Question 1

THE RELATIONSHIP BETWEEN A PRINCIPAL AND A AGENT, IS AUTHORIZED TO REPRESENT THE PRINCIPAL

Answer 1

AGENCY

Question 2

A PERSON WHO IS AUTHORIZED TO ACT FOR ANOTHER (PRINCIPAL) AS A FIDUCIARY AND ADVOCATE

Answer 2

AGENT

Question 3

AN AGENT WHO IS AUTHORIZED TO PERFORM A SINGLE ACT OR ASSIST IN A SINGLE TRANSACTION FOR THE PRINCIPAL

Answer 3

BUYERS AGENT

Question 4

THE PRINCIPAL

Answer 4

CLIENT

Question 5

THE THRID PARTY OR NON-REPRESENTED CONSUMER FOR WHOM SOME LEVEL OF SERVES IS PROVIDED

Answer 5

CUSTOMER

Question 6

A LICENSEE AUTHORIZED BY A BROKER TO ACT AS THE AGENT FOR A SPECIFIC PRINCIPAL IN A TRANSACTION

Answer 6

DESIGNATED AGENT

Question 7

A IN HOUSE TRANSACTION BETWEEN THE TWO DIFFERENT AGENTS, ONE FOR THE SELLER THE OTHER BUYER

Answer 7

DESIGNATED AGENCY

Question 8

WHERE A BROKER IS AN AGENT FOR BOTH THE BUYER AND SELLER IN THE SAME TRANSACTION, EACH PARTY MUST CONSENT TO THE DUAL AGENCY

Answer 8

DUAL AGENCY

Question 9

AN AGENT RELATIONSHIP BASED ON FORMAL AGREEMENT BETWEEN THE PARTIES

Answer 9

EXPRESS AGENCY

Question 10

AN ORAL OR WRITTEN CONTRACT IN WHICH THE PARTIES STATE THE CONTRACT TREMS

Answer 10

EXPRESS AGREEMENT