Law of Agency-Final Exam Review Questions With Correct Answers
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Course
Law of Agency
Institution
Law Of Agency
Law of Agency-Final Exam Review
Questions With Correct Answers
What are the minimum services an agent
must offer; - answerAccording TRELA subchapter 1101.557b states a broker representing a
party or listing real estate for sale is the party's agent and
1. May not instruct another broker to dir...
Advice and opinions are given to whom: - answer✔Clients.
Who are the parties to agency agreement? - answer✔The seller, buyer, broker or sales associate,
tenant
What is a subagent; - answer✔A Licensee holder not sponsored by or associated with the clients
broker who is representing the client through a cooperative agreement with the client broker.
Also called the other broker.
If a principal instructs His agent to violate the law, what should an agent do? - answer✔The
agent should remove himself from dealing with the principal and not violate the law.
What is an attorney - in - fact; - answer✔a person authorized to act for another under a power of
attorney. This person is not necessarily a licensed attorney.
Under what conditions may a broker buy property listed with the broker; - answer✔Only with
full disclosure to all parties in the transaction.
What is agency by ramification: - answer✔Occurs when a principal gain some benefit from a
previously unauthorized act of an agent, and the principals, on learning of the act, do not deny
that the agent has authority to perform such an act on their behalf.
A sellers subagent is working with a buyer - who does the sub agent have a fiduciary relationship
with, the buyer or the seller? - answer✔The seller.
The person receiving services, but who is not represented is called? - answer✔The customer.
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