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Champion School of Real Estate- Law of Agency Exam With Complete Solution
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Champion School of Real Estate- Law of Agency Exam WithComplete Solution 2024-2025
Broker - A Properly Licensed party who serves a principal in an agency relationship
Agency - A fiduciary relationship between a broker and a principal or a broker and a
client
Fiduciary - A Party acting for another in a position of trust-a broker or agent
Fiduciary Relationship - The relationship based on trust-the relationship governed by
the law of the agency between a broker and a principal
Principal - Answer A party represented by a broker in an agency relationship-also called
a client
Client - Answer A party represented by a broker in an agency relationship-also called a
principal
Customer - Answer A third party-one a broker is working with, but who is not
represented by that broker
Buyer Representation Agreement - Answer An employment contract obligating a broker
to act as a fiduciary to a buyer
Listing Agreement - Answer An employment contract obligating a broker to act as a
fiduciary to a seller
Management Agreement - Answer An Employment contract obligating a broker to act as
,a fiduciary to a property owner
Public Responsibilities - Answer The responsibilities a broker has to customers or third
partyies including-Honesty, Fairness and disclosure to material facts
Fiduciary Duties - Answer The duties a broker owes to principals in an agency
relationship-include placing the interest of the client first, full disclosure of all facts,
material and other, and giving advice and opinions
Verbal Agency - Answer An agency relationship established by an oral or spoken
agreement
Implied Agency - Answer Agency because of customary, usual or typical circumstances
Apparent Agency- an agency that arises due to the agent's actions and other reactions
to those acts
Agency by Ratification- the agency resulting from an agent's acts without authority from
the principal when the principal later accepts or ratifies the agent's actions
Agency by Estoppel - Answer A principal neglects to exercise due care in the control of
his agent and because of this the court estops the principal from denying the agency
relationship
Universal Agency - Answer A principal grants an agent authority to transact all matters
of every kind for him
General Agency - Answer A principal grants an agent authority to bind him in a specified
trade or business
Special Agency - Answer A principal gives an agent the power to perform specific acts,
, but not to bind the principal-also called limited agency
Limited Agency - Answer A principal give an agent the power to perform specific acts,
but not to bind the principal-also call Special Agency
Duties of an Agent - Answer An Agent owes his client obedience, loyalty, disclosure,
confidentiality, accounting and reasonable care
OLDCAR - Answer Obedience, Loyalty, Disclosure, Confidentiality, Accounting,
Reasonable Care-Duties of an agent
Duties of a Principal - Answer A principal owes his agent compensation, reimbursement,
indemnification and performance
CRIP - Answer Compensation, Reimbursement, Indemnification and Performance-duties
of a Principal or client
Blind Ad - Answer An advertisement that does not clearly indicate the licensed status of
the party placing the ad-real estate licensees are prohibited from placing blind ads
Dual Agent - Answer A broker who has the written permission of both the buyer and the
seller to represent both parties in one transaction
Designated Agent - Answer A licensee appointed by a broker in a dual agency situation
to work with either the buyer or the seller in the transaction
Intermediary - Texas broker who has written consent from both buyer and seller to act
as an intermediary in one transaction
Designated Associate - Licensee appointed by Texas broker as an intermediary to work
with either the buyer or the seller in the transaction
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