Exam (elaborations)
Law of Agency in North Carolina – Questions/Answers
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- Laws And Regulations
Law of Agency in North Carolina – Questions/Answers
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Law of Agency in North Carolina – Questions/AnswersFiduciary Correct Ans - As an adjective, it describes a relationship of
trust; i.e., the principal trusts an agent to act in his or her best interest; as a
noun, it's a person who's in a position of trust and owes loyalty to another
Principal Correct Ans - The person (or entity) entering into an agency
relationship with an agent
Law of agency Correct Ans - The rules that collectively govern
brokerage relationships; based on centuries of case law
Agent Correct Ans - Someone who acts on someone else's behalf
Client Correct Ans - A customer becomes this once there's an agency
agreement in place
Subagency Correct Ans - A specific agency relationship, usually
between a listing broker and another broker that brings the buyer; this
second broker may owe loyalty to the listing broker rather than the buyer
Non-agent Correct Ans - Also called a facilitator or transaction broker,
this person doesn't represent either party in a real estate transaction; these
positions are illegal in North Carolina
Special agency Correct Ans - Also known as limited agency; in this
relationship, the agent doesn't make decisions or enter into contracts on the
client's behalf, and acts instead as an intermediary, liaison, and negotiator
General agency Correct Ans - In this agency relationship, the agent is
responsible for all the dealings over a specific piece of a client's property
Dual agency Correct Ans - A relationship where an agent represents
both parties in the same transaction.
Universal agency Correct Ans - In this relationship, the agent is
empowered to do anything the principal could do personally
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