Morgan's (V-B)

Question 1

An ___ relationship means that the parties have a definite oral or actual written mutual understanding of their representation relationship.

Answer 1

Express

Question 2

What are 2 examples of express agency contracts?

Answer 2

Listening agreements and property management agreements

Question 3

An ___ relationship means that the actions of the parties suggest there is a representation understanding between them.

Answer 3

Implied

Question 4

What are 3 categories of potential clients that may have an automatic implied agency with a licensee?

Answer 4

Family members, former clients, friends

Question 5

What is the most common agency agreement?

Answer 5

Agency employment contract

Question 6

A term that describes a situation in which an agent breaches a fiduciary trust while pursuing the agent’s own personal interest at the expense of the principal’s best interests

Answer 6

Self-dealing