Duties of agent - Study guides, Class notes & Summaries

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

Test Bank for Business Law and the Legal Environment Version 3.0 by Don Mayer, Daniel Warner, George Siedel, and Jethro K. Lieberman. Full Chapters test bank are included - Chapter 1 to 53 Chapter 1: Introduction to Law and Legal Systems 1.1 What Is Law? 1.2 Schools of Legal Thought 1.3 Basic Concepts and Categories of U.S. Law 1.4 Who Makes the Law 1.5 Legal and Political Systems of the World 1.6 A Sample Case 1.7 Summary and Exercises Chapter 2: Introduction to Corporate Social Resp...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - Child Term Rider Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of owning this type of annuity? - During periods of inflation, annuitants will experience a decrease in purchasing power of their payments. In contrast to a guaranteed renewable policy, a noncancellable policy - may nev...

Which of the following has the authority to suspend or revoke a Texas real estate license? - correct answer TREC Which of the following is an element of a listing agreement? - correct answer the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - correct answer salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the br...

Material fact - About the property Related to the property Principal able to complete the transaction Special importance Disclosing material facts about a seller's property - To client or customer Even if it hurts your customer Regardless of how pubic the material fact is Listing agent has highest responsibility Buyer agent is responsible to disclose if known Answer questions to avoid misrepresentation Willful - intentional Negligent - Unintentional--failure to exercise reasonable c...

Professional - One engaged in an occupation requiring a high level of training and proficiency To be recognized as knowledgeable, gain public trust, avoid government regulation, enhance credibility - What are the benefits of being ethical? True - Is this example an ethical issue? Rating a vehicle using the wrong classification No - Are you allowed to sign for the insured even if the insured gave permission? peer standards, Contracts (oral & written agreements), statutes - Legal duties are b...

Which of the following describes a competent real estate professional? A) A real estate professional who agrees to provide services that they are incapable of performing B) A real estate professional who possesses the necessary ability and knowledge to perform an action proficiently C) A real estate professional who represents a client in matters that are beyond their expertise D) A real estate professional who holds a valid authorization from RECA and is registered with a brokerage in Alber...