quiz 7 Flashcards
Which of the following best defines the “ Law of Agency”?
The rules that apply to the responsibilities and obligations of a person who acts for another.
A broker owes certain fiduciary duties to the principal. Which of the following is not included in these duties?
Maintenance.
Since employed by the principal, the broker?
May not misrepresent the facts to a purchaser.
Persons who authorize others to act for them are?
Principals.
In an agency relationship with a principal, the broker must?
Be loyal, obey reasonable instructions and not be negligent, account for all monies and property involved.
Non-disclosure of dual agency can result in?
Loss of license, contract rescission.
Real estate agent may not legally represent principals in the same transaction if?
Any of the conditions exist
A broker who acts as agent owes a fiduciary obligation to the seller. To the buyer of the property, the broker owes?
A duty of fairness and honesty.
The creation of an agency relationship is usually the result of which of the following?
Expressed agency agreements.
In the usual situation, a broker should?
Make personal interest secondary to those of the seller.
A real estate broker acting as an agent of the seller?
Must do as instructed
Agents having wide authority to conduct a series of transactions of a continuous nature on behalf of the clients are?
General agents.
A real estate professional expresses all of the following in a fiduciary relationship with the principal except?
Patriotism.
The brokers actual authority to sell a parcel of land is given in the?
Oklahoma Real Estate License Code.
The term “ double agency” applies to which of the following situations?
A broker is acting for both the buyer and the seller in the same transaction.
A real estate broker, as agent for the owner, should?
Render faithful service to the principal, handling the sale of the property as if the broker owned it.
Under the law of agency, licensees can be held liable if they fail to?
Follow the legal instructions of their principals, possess and exercise the ability and skill of competent brokers or associates, use care in performance of the agency.
A person empowered to act on behalf of another is a/an?
Agent.
When an agent has no authority but warrants to a third party that he does have authority as an agent, in the event of loss caused by breach of contract, the third party may?
Hold the agent liable
Associates owe all of the following duties except to?
Prepare the deed for the conveyance of title.
Real estate brokers authorized to conduct a single transaction for their principals are usually classified as?
Special agents.
The broker must be loyal to the principal in which of the following ways?
Profit only by agreed-upon commission and have no interests adverse or opposed to the principal, submit all offers to the principal until the principal accepts an offer.
The fiduciary responsibility requires that the agent must always act in the best interest of the principal. As an example of this, a broker would have to disclose which, if any, of the following to the principal?
The prospective buyer has indicated a willingness to pay more than now offering.
