Ostensible agency - Study guides, Class notes & Summaries

This person hires an agent - Answer-The Principal The agent works on behalf of this person - Answer-the client (principal) This type of agency allows for the greatest range of authority - Answer-Universal This is provided to the agent when there is written documentation that the agency relationship exists. - Answer-Express authority This is the most limited of all the agency relationships - Answer-Special agency This type of agency is created when a 3rd party believes that an agent has aut...

TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDU...

This person hires an agent - correct answer -The Principal The agent works on behalf of this person - correct answer -the client (principal) This type of agency allows for the greatest range of authority - correct answer -Universal This is provided to the agent when there is written documentation that the agency relationship exists. - correct answer -Express authority This is the most limited of all the agency relationships - correct answer -Special agency This type of agency is c...

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. → Express authority This is the most limited of all the agency relationships → Special agency This type of agency is created when a 3rd party believes that an agent has authority that has N...

CPMSM Cards, CPMSM Study (MCO), CPMSMBoyd vS Albert Einstein - correct answer Doctrine of Ostensible Agency - HMO found liable in patient's death. Chest perforation during breast biopsy, chest pain/MI six weeks later. Elam vS CollegePark - correct answer Doctrine of Corporate Negligence - Med Records had information on many lawsuits agains podiatrist Patrick vs Burget - correct answer Anticompetitive Peer Review - Led to development of HCQIA Gonzales vs Nork & Mercy Hospital - correct ...

When a client decides to end an agency relationship, it is called ____. a. revocation b. renunciation c. deuces d. mutual rescission - ANSWERSa. revocation What is required for an agency relationship to form? - ANSWERSconsent of an agent and the principal Which of the following BEST describes what happens when Broker Bob signs a listing agreement with Seller Sally? - ANSWERSA fiduciary relationship is formed A broker who enters into a Listing Agreement with a seller is considered ...

TEXAS REAL ESTATE COMMISSION (TREC) 1949 - ANSWER-Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDUCATION PROVIDERS FOR REAL ESTATE AND INSPECTION 4. DEVELOPERS OF TIMESHARES 5. RESIDENTIAL SERVICE COMPANIES 6. REAL ESTATE AGENTS AND SALES ...

actual authority - Correct ️️ The authority a principal expressly or implicitly gives to an agent in an agency relationship. This authority may be written, spoken, or derived from the circumstances of the relationship. agent - Correct ️️ the person who on behalf of a principal deals with a third party alien corporation - Correct ️️ a corporation created under the authority of a foreign country alter-ego theory - Correct ️️ one method used by courts to pierce the corporate ve...

Buyer Representation Agreement - An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - Agency as a result of customary, usual or typical conditions Broker - A properly licensed party who serves a principal in an agency relationship- also called an agent Client - A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting a...

Law of Agency - Champions School of Real Estate test with Verified Solutions 2024 The principal is also known as - Answer -client fiduciary relationship - Answer -a relationship founded on trust and confidence Agency Relationship - Answer -Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - Answer -is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - Answer -Was passed 1939. The purpose is to p...