EXAM: Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Qs & As
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Course
Humber
Institution
Humber
EXAM: Humber Real Estate - Course 2, Module 1, Explaining
Services Available to a Seller or Buyer Qs & As
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. Correct Answer-...
EXAM: Humber Real Estate - Course 2, Module 1, Explaining
Services Available to a Seller or Buyer Qs & As
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. Correct Answer-Under Ontario law, how is an 'agency
relationship' defined?
Client & Customer Correct Answer-While common law uses the terms
'Principal' and 'Third Party', what terms does REBBA use instead?
The Common Law of Agency Correct 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. Correct Answer-In relation to a contract, how is a third party
defined?
Representation Correct Answer-Under REBBA, what is the equivalent for the
legislative term for "agency"?
The brokerage Correct Answer-In a real estate transaction, who is the
'Agent'?
A seller or buyer Correct Answer-In a real estate transaction, who is usually
the 'Principal'?
Representation Correct Answer-Agency is also known as ...
, EXAM: Humber Real Estate - Course 2, Module 1, Explaining
Services Available to a Seller or Buyer Qs & As
Representation Agreement Correct Answer-A Listing (Seller Agency)
Agreement / Buyer Agency Agreement is also known as ...
Agreement (Conveyance of Interest in Real Estate) Correct Answer-
Agreement of Purchase and Sale is also know as ...
Multiple Representation Correct Answer-Dual Agency is also known as ...
Convey Offer Correct Answer-Present Offer is also known as ...
Acquisition / Divestiture by Registrant Correct Answer-Purchase / Sale by
Registrant
The seller and buyer Correct Answer-Who are the 'Parties' to a real estate
transaction?
Employee / Employer relationship with authorization to trade on behalf of their
respective brokerages. Correct Answer-What type of relationship does a
salesperson have with their brokerage from a legal perspective?
Yes. Everyone must protect the client's best interests. Correct Answer-Once
an agency relationship is established between a brokerage and a client, does the
agreement apply to all brokers & salespersons employed by the brokerage?
The agent who is authorized to trade in real estate on behalf of others.
Correct Answer-Define 'Brokerage' according to REBBA
, EXAM: Humber Real Estate - Course 2, Module 1, Explaining
Services Available to a Seller or Buyer Qs & As
Client Correct Answer-Principal is also known as ...
Someone who authorizes an agent to act on their behalf in an agency
relationship, and provides information and lawful instructions to the agent
regarding the transaction. Correct Answer-What is a 'Principal'?
The seller Correct Answer-When a brokerage represents a seller when listing
a property, who is the 'Principal'?
The buyer Correct Answer-When a brokerage represents a buyer when
showing properties for sale, who is the 'Principal'?
Customer Correct Answer-What is the comparable term to 'Third Party'
under REBBA?
Third Party Correct Answer-A brokerage representing only a seller would
consider a buyer as a _________ or a customer?
A relationship of trust with one or more parties. Correct Answer-What does
'Fiduciary' refer to in relation to a Representation Agreement?
Fiduciary Correct Answer-An agent (brokerage) as a __________ has the legal
obligation to act in the principal's (seller's or buyer's) best interests.
- Full disclosure (of all facts known)
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