Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Answers(rated A+)

Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Answers(rated A+) Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Answers(rated A+) The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. - ANSWER-Under Ontario law, how is an 'agency relationship' defined? Client & Customer - ANSWER-While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency - ANSWER-The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Someone who is not directly connected with a legal transaction but may be affected by it, OR supporting one of the people involved, i.e. lawyer, home inspector, etc. - ANSWER-In relation to a contract, how is a third party defined? Representation - ANSWER-Under REBBA, what is the equivalent for the legislative term for "agency"? The brokerage - ANSWER-In a real estate transaction, who is the 'Agent'? A seller or buyer - ANSWER-In a real estate transaction, who is usually the 'Principal'? Representation - ANSWER-Agency is also known as ... Representation Agreement - ANSWER-A Listing (Seller Agency) Agreement / Buyer Agency Agreement is also known as ...