Real Estate Exam: Law of Agency Questions and Correct Answers the Latest Update and Recommended Version
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Course
Real Estate
Institution
Real Estate
This person hires an agent
→ The Principal
The agent works on behalf of this person
→ the client (principal)
This type of agency allows for the greatest range of authority
→ Universal
This is provided to the agent when there is written documentation that the agency relationship
exists...
If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer?
→ No one
This establishes a relationship with a broker
→ The Buyer/Tenant Representation agreement
This can be written or oral
→ Disclosure of Representation
These are required to place their own selfish interests behind that of their clients.
→ Fiduciaries
A licensee isn't required to provide the IABS when...
→ the licensee meets with a party that is already represented
A broker is obligated to treat who honestly?
→ client, customer, and agents
Broker must have written consent to act as...
→ an intermediary
IABS form is the property of...
→ TREC
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