Types of Agents and Agencies

Question 1

what are Rules governing the relationship between the real estate professional and the person being represented called

Answer 1

laws of agency

Question 2

A person in whom another’s trust and confidence are placed

Answer 2

fiduciary

Question 3

The person represented by an agent in a real estate transaction

Answer 3

principal

Question 4

A person related to the transaction whom the agent does not represent

Answer 4

customer

Question 5

One who purchases services or products, such as real estate services

Answer 5

consumer

Question 6

One who acts on a principal’s behalf, but within a very limited scope

Answer 6

limited agent

Question 7

A licensee acting as a facilitator but not in a representative capacity in a transaction

Answer 7

non-agent

Question 8

As a non-agent or facilitator to both parties, the licensee still owes both parties the following duties:

Answer 8

Confidentiality
Reasonable Skill and Care
Due Diligence
Disclosure
vicarious liability
Accounting

Question 9

Duties Not Owed by a Non-Agent

Answer 9

Obedience: A licensee need not obey the instructions of a non-client.
Loyalty: A non-agent doesn’t owe loyalty to an unrepresented person.

Question 10

A person with unlimited power to act for another, such as a conservator or one who holds a broad scope power of attorney

Answer 10

universal agent

Question 11

Because agents are in a position of trust, they owe their clients certain fiduciary duties what are they

Answer 11

Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable skill and care
(OLD CAR)