Law of Agency – Exam Questions and Answers 100% Pass
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Module
Law of Agency
Institution
Law Of Agency
Law of Agency – Exam Questions and Answers 100% Pass Duties of an Agent Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable care - OLD CAR
General vs. Special Agent General: has less authority than the universal agent. An individual has the right to represent his or her pr...
Law of Agency – Exam Questions and Answers 100% Pass Duties of an Agent ✔✔Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable care - OLD CAR General vs. Special Agent ✔✔General: has less authority than the uni versal agent. An individual has the right to represent his or her principal in a particular type of transaction or business. Special: the most limited of all the agency relationships.the agent may perform only limited duties for the principal. Not able to bind (obligate) the principal because he or she is not allowed to sign or accept any terms or conditions on behalf of the principal. e special agent must simply follow the instructions of the principal. IRS independent Contractor Status Rules ✔✔- Commiss ions must compensate the sales agents. There are to be no advances against their commissions. -There may be a policies and procedures manual provided but there may not be mandatory compliance with the policies. It is only a suggested procedure manual. -The sales agent shall pay his own business expenses. -The sales agent cannot be made to attend sales meetings. -The sales agent cannot be made to attend training seminars. -The sales agent cannot be made to work set hours. A broker can require that the a gent be "full time," but cannot dictate set work hours. - Sales agents should not be offered participation in the broker's insurance or retirement program. Termination of Agency Relationship ✔✔- When the purpose of the agency is completed -The expiration of the period stated in the listing contract. -At any time by mutual agreement. -Death or incapacity of either party (principle or broker -not an agent) -Condemnation or destruction of the property. -Bankruptcy of either party. -Operati on of law. -Revocation of the broker's license. -Abandonment by the agent. -Revocation of the agreement at any time by the principal. -Termination of the agreement at any time by the broker. Sherman Antitrust Act / Compensation Rates ✔✔prevents any co mbination in restraint of trade. Commission rates must always be a matter of negotiation between the broker and the client. Any hint that there is a "standard" or "going rate' for commissions in a given market area could be evidence of violation and restra int of trade. Any attempt to boycott a discount real estate broker
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