Law of Agency questions Answered
In which year did the National Association of REALTORS® create the Code of
Ethics for the real estate industry?
1913
In the relationship with a buyer or a seller, a real estate agent is usually a:
General agent
Universal agent
Primary agent
Special agent
Special agent
The _________ makes all decisions and signs all documents. The agent cannot
bind the principal
Principle
The only requirement for the formation of an agency relationship is:
The consent of the third party
A written listing agreement
An express agreement
The consent of the agent and the principal
The consent of the agent and the principal
Agency relationships are also generally _______ relationships.
Fiduciary
Universal
Specific
Conceptual
Fiduciary
,Which of the following statements is TRUE?
A written agency agreement is generally considered the safest way to enter into
an agency relationship.
All agency agreements must be in writing.
Agency relationships can be formed only by a principal expressly appointing an
agent.
Oral agreements are held to different rules than written agreements.
A written agency agreement is generally considered the safest way to enter into an
agency relationship.
If a principal appoints an agent and the agent accepts, an agency relationship has
been formed by:
Implied agreement
Ratification
Express agreement
Blatant agreement
Express Agreement
An express agreement can be oral or in writing --
Time Spent: 02 h 14 m
CORRECT
A(n) _______ arises when a party assumes consent to the relationship based
solely upon inferences formed from communication with the other party.
Implied agency relationship
, Express agency agreement
Invalid agency relationship
Listing agreement
Implied agency relationship
Only a _______ may technically enter into an agency relationship with the buyer
or seller.
Licensed salesperson
Landlord
Broker
Private owner
Broker
In an agency relationship, the _______ authorizes the agent to represent his or
her interests.
General agent
Third party
Principal
PRinciple
Who is NOT usually the principal in a real estate transaction?
An agent
A tenant
A landlord
A buyer
An agent
When a principal agrees to an action performed by an agent that is outside the
scope of the agent's authority, it is said to be an agency created by which of the
following?
Express agreement
In which year did the National Association of REALTORS® create the Code of
Ethics for the real estate industry?
1913
In the relationship with a buyer or a seller, a real estate agent is usually a:
General agent
Universal agent
Primary agent
Special agent
Special agent
The _________ makes all decisions and signs all documents. The agent cannot
bind the principal
Principle
The only requirement for the formation of an agency relationship is:
The consent of the third party
A written listing agreement
An express agreement
The consent of the agent and the principal
The consent of the agent and the principal
Agency relationships are also generally _______ relationships.
Fiduciary
Universal
Specific
Conceptual
Fiduciary
,Which of the following statements is TRUE?
A written agency agreement is generally considered the safest way to enter into
an agency relationship.
All agency agreements must be in writing.
Agency relationships can be formed only by a principal expressly appointing an
agent.
Oral agreements are held to different rules than written agreements.
A written agency agreement is generally considered the safest way to enter into an
agency relationship.
If a principal appoints an agent and the agent accepts, an agency relationship has
been formed by:
Implied agreement
Ratification
Express agreement
Blatant agreement
Express Agreement
An express agreement can be oral or in writing --
Time Spent: 02 h 14 m
CORRECT
A(n) _______ arises when a party assumes consent to the relationship based
solely upon inferences formed from communication with the other party.
Implied agency relationship
, Express agency agreement
Invalid agency relationship
Listing agreement
Implied agency relationship
Only a _______ may technically enter into an agency relationship with the buyer
or seller.
Licensed salesperson
Landlord
Broker
Private owner
Broker
In an agency relationship, the _______ authorizes the agent to represent his or
her interests.
General agent
Third party
Principal
PRinciple
Who is NOT usually the principal in a real estate transaction?
An agent
A tenant
A landlord
A buyer
An agent
When a principal agrees to an action performed by an agent that is outside the
scope of the agent's authority, it is said to be an agency created by which of the
following?
Express agreement
