Business - Business Law. Quiz Level 5

1

Agencies can be created

2

Which of the following are duties an agent I was to a principal?

3

The standard that a real estate agent will be held to is that of

4

_____________________________ will terminate a listing agreement.

5

The agent relationship created by a power of attorney is referred to as an attorney-in-fact.

6

An agent

7

An agency with an interest may not be unilaterally cancelled by the principal.

8

__________________________ was previously used to ensure the ability of the selling agent to sue the seller for a commission.

9

A dual agent represents _____________________ the buyer and the seller and is legal in California.

10

Respondeat superior allows injured parties to sue the principal for the actions or statements of their agent.

11

______________________________________ of either the agent or the principal will cause an agency to be terminated.

12

The fiduciary duties owed by an agent include obedience, loyalty, disclosure, confidentiality, accounting, and ____________________________.

13

Owners who don't try to stop potential buyers from believing that a real estate agent has been authorized to speak on their behalf may have created an ________________________________.

14

An exclusive right-to-sell listing agreement is an example of an

15

If the salesperson that negotiated and wrote the listing agreement dies, then the listing is terminated by death.

16

A six-month listing agreement cannot be broken by the seller.

17

The agent is empowered to do a variety of acts, including obligating the principal. This is an example of a Property Management Agreement. What type of agency is this?

18

The agent is only empowered to perform a specific act and cannot contractually commit the principal. This is an example of a Listing agreement. What type of agency is this?

19

When acting as a dual agent, a real estate professional must be careful not to disclose confidential information about the clients.

20

A listing agent is a minority stockholder in a corporation that is acquiring the listed property. Because the agent is not directly acquiring the property, the agent does NOT need to disclose her minority interest in the legal entity that is the buyer.

21

___________________ agency is when the actions of the parties lead to an agency being created.

22

A subagent that has not been specifically empowered by the principal can still create liability for the principal.

23

Most selling agents today are NOT subagents of the seller.

24

A dual agent is a real estate professional that represents both spouses as they attempt to purchase a home together.

25

Dual agency is legal in California and can be more profitable for a real estate professional.

26

An improper representation made by an agent without the permission of the principal will NOT expose the principal to any liability.

27

An agent must deal with a third party fairly and honestly, so the third party is owed fiduciary duties.

28

Which of these are fiduciary obligations that an agent owes to the principal?

29

An agent speaks for the principal.

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Business - Business Law. Quiz Level 5

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