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Agency Relationship and Broker Responsibilities Florida Exam Review test questions fully solved
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Agency Relationship and Broker Responsibilities Florida Exam Review test questions fully solved
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Agency Relationship andBroker Responsibilities Florida
Exam Review test questions
fully solved 2025
1. AGENCY - answer is defined as that condition which legally
exists when a principal contracts with an agent to perform on his
behalf.
Agent - answer the individual who represents the interests of
another person.
Subagent - answer the agent of an agent. The agent is the
subagent of the broker. A selling agent may be a subagent of the
listing broker. (*Subagency does not exist in Louisiana unless
specifically created in writing.)
Prinicipal - answer the party who hires the agent, normally the
buyer or the seller
Agency - answer the fiduciary relationship between the principal
and the agent.
Client - answer the principal.
What is the principal?
A. the party who hires the agent, normally the buyer or the seller
, Customer - answer the third party, that is, the party in the
transaction whom the agent does not represent
Co-operating Broker - answer
Difference between Client and Customer - answer An agent works
FOR a client giving ADVICE, and WITH a customer giving only
INFORMATION
THE LAW OF AGENCY - answer the relationship between agent and
principal is governed by a body of laws and customs. There are
three types of agency:
What are the 3 types of Agency? - answer Universal Agency
General Agency
Special Agency
Universal Agency - answer authorizes an agent to handle matters
of all types for the principal. This type of agency requires a power of
attorney.
General Agency - answer authorizes an agent to transact matters
concerning a specific area of business for the principal, for example,
managing several investment rental properties.
Special Agency - answer authorizes an agent to perform a specific
act or to handle a specific business matter for the principal, for
example, finding a buyer for a specific piece of property.
Express Agency - answer based on a formal agreement between
the parties in which the parties express the establishment of an
agency and state the terms and conditions, for example, a listing
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