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Reca Chapter 5 Unit And Sessions Questions And Answers With Verified Solutions 100% Correct !!!
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Reca Chapter 5 Unit And Sessions Questions And Answers With Verified Solutions 100% Correct !!!
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Reca Chapter 5 Unit And SessionsQuestions And Answers With Verified
Solutions 100% Correct !!!
when a real estate professional explains their role in a transaction - ANSWER✔✔
disclosure
these types of laws are passed by governements - ANSWER✔✔ statute law
residential real estate professionals are required under the rules to provide this
document to consumers - ANSWER✔✔ consumer relationships guide
a consequence of not ensuring that consumers understand the role of a real
estate professional in a transaction - ANSWER✔✔ sanction by RECA
there are three situations in which a real estate professional may become liable to
a customer - ANSWER✔✔ -when the real estate professional fails to disclose their
role in a real estate transaction
-when the real estate professional acts, but no authority has been granted for the
action
-when the real estate professional casues a tort (commits a civil wrong)
the ________ is the principal in a representation relationship - ANSWER✔✔ client
the ______ is the third party in respect to the representation relationship
between the real estate professional and client - ANSWER✔✔ customer
, agency law - ANSWER✔✔ is the area of law which deals with representation
relationship between principals and agents
express authority - ANSWER✔✔ describes the authoirty an agent has been
granted by a principal either orally or in writing
implied authority - ANSWER✔✔ allows an agent to undertake any activities
needed to accomplish an express
customary authority - ANSWER✔✔ refers to an agent acting in a widely accepted
way of behaving for the profession
what are the fundamental principles of fiduciary duties - ANSWER✔✔ trust and
confidence, best interests, and loyalty
a client has responsibiliites to the brokerage, which includes indemnification,
disclosure of ______________ - ANSWER✔✔ remuneration
remuneration - ANSWER✔✔ payment for work done
how may service agreements be terminated - ANSWER✔✔ -by agreement
-by operation of law
-by revocation
Revocation - ANSWER✔✔ the taking back of an offer by the offeror
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