Exam (elaborations)
REE 3433 Test 2 (1).
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REE 3433 Test 2 (1).
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REE 3433 Test 2false - ANS-agent employs principal is T/F
indemnity - ANS-______ agreements protect agent from liability
consent - ANS-what you have to have to create agency relationship:
universal - ANS-What agency relationship has the most authority?
special agents - ANS-Most real estate brokers and salespeople are:
3rd party - ANS-If principle is undisclosed or partially disclosed, ____ gets to decide
who is liable
secret - ANS-an incentive to have an undisclosed principal, it is kept _______ (think
disney)
false (has to be 2 years) - ANS-To become a broker you need to be a sales person for 1
or more years: T/F
not (they are responsible for negligence) - ANS-brokers are ____ responsible for
intentional torts by their salesperson
not - ANS-brokers are ____ responsible for agent punching someone in the face
no - ANS-if you have a contract and 1 party provides consideration, do you have a
contract?
valid - ANS-The following elements are required for parties to create a
______ real estate contract:
1. Agreement (offer and acceptance)
2. Consideration
3. Capacity of the parties
4. Legal purpose
5. Satisfaction of the Statute of Frauds (writing or evidence of
record)
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