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MA Salesperson Exam Module 13: Real Estate Agency Study Guide Solutions
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MA Salesperson Exam Module 13: Real Estate Agency Study Guide Solutions Law of Agency - ANSWER-governs the relationship between clients and agents Principal - ANSWER--person hiring the agents -could be client or broker -vicarious liability vicarious liability - ANSWER-if you are a client who ...

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  • November 4, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • ma salesperson exam module 13 real estate agency

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  • MA Salesperson
  • MA Salesperson

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 13: Real

Estate Agency Study Guide Solutions


Law of Agency - ANSWER✔✔-governs the relationship between clients and agents


Principal - ANSWER✔✔--person hiring the agents


-could be client or broker


-vicarious liability


vicarious liability - ANSWER✔✔-if you are a client who has hired a real estate agent, anything they do on

your behalf within the authority you've given them is as if you have done it yourself


universal agent - ANSWER✔✔-may represent their principal on any matter


general agent - ANSWER✔✔-may represent their principal on matters related to one particular business

or activity


special agent - ANSWER✔✔-· may only represent their principal on a particular matter or transaction


o In RE, this is the employing broker or broker of record


subagent - ANSWER✔✔-· The agent's agent


o Salesperson, co-broker, etc.


o Subagent who works indirectly for the transaction's principal via the special agent's authority, and who

works directly for the special agent


Copyright ©Stuvia International BV 2010-2024 Page 1/7

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


express agency - ANSWER✔✔-explicitly states verbally or in writing (listing contract)


implied agency - ANSWER✔✔-authority that exists because of the principal and agent's actions, even

though it is never directly stated. Equal dignities rule!


equal dignities rule - ANSWER✔✔-§ authorization of an agency must have the same formality as the

service rendered


· If a written final agreement is required, written agency agreements are required as well


apparent/ostensible agency - ANSWER✔✔-authority that does not exist, even though it appears to


fiduciary obligations - ANSWER✔✔-obligations of trust, OLD CAR


Obedience - ANSWER✔✔-§ you must do everything the principal tells you to do and not exceed their

authority


· not an acceptable defense for unlawful or unethical behavior


Loyalty - ANSWER✔✔-§ you must but the principal's interests ahead of others and your own


Disclosure - ANSWER✔✔-you must affirmatively disclose all information about the transaction that

might affect the principal's interests


Condifentiality - ANSWER✔✔-you must not disclose any confidential information about the principal to

others


Account - ANSWER✔✔-§ you must account for, and return, any money belonging to the principal




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