Exam (elaborations)
Reca Chapter 5 Unit And Sessions Questions And Answers With Verified Solutions 100% Correct !!!
- Course
- Institution
Reca Chapter 5 Unit And Sessions Questions And Answers With Verified Solutions 100% Correct !!!
[Show more]
Content preview
Reca Chapter 5 Unit And SessionsQuestions And Answers With Verified
Solutions 100% Correct !!!
when a real estate professional explains their role in a transaction - ANSWER✔✔
disclosure
these types of laws are passed by governements - ANSWER✔✔ statute law
residential real estate professionals are required under the rules to provide this
document to consumers - ANSWER✔✔ consumer relationships guide
a consequence of not ensuring that consumers understand the role of a real
estate professional in a transaction - ANSWER✔✔ sanction by RECA
there are three situations in which a real estate professional may become liable to
a customer - ANSWER✔✔ -when the real estate professional fails to disclose their
role in a real estate transaction
-when the real estate professional acts, but no authority has been granted for the
action
-when the real estate professional casues a tort (commits a civil wrong)
the ________ is the principal in a representation relationship - ANSWER✔✔ client
the ______ is the third party in respect to the representation relationship
between the real estate professional and client - ANSWER✔✔ customer
, agency law - ANSWER✔✔ is the area of law which deals with representation
relationship between principals and agents
express authority - ANSWER✔✔ describes the authoirty an agent has been
granted by a principal either orally or in writing
implied authority - ANSWER✔✔ allows an agent to undertake any activities
needed to accomplish an express
customary authority - ANSWER✔✔ refers to an agent acting in a widely accepted
way of behaving for the profession
what are the fundamental principles of fiduciary duties - ANSWER✔✔ trust and
confidence, best interests, and loyalty
a client has responsibiliites to the brokerage, which includes indemnification,
disclosure of ______________ - ANSWER✔✔ remuneration
remuneration - ANSWER✔✔ payment for work done
how may service agreements be terminated - ANSWER✔✔ -by agreement
-by operation of law
-by revocation
Revocation - ANSWER✔✔ the taking back of an offer by the offeror
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now