champions school of real estate law of agency exam
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CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY
CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY
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CHAMPIONS SCHOOL OF REAL ESTATE LAW OF
AGENCY EXAM COMPLETE QUESTIONS AND
DETAILED CORRECT ANSWERS LATEST
Broker - (answer)A Properly Licensed party who serves a principal in an agency
relationship
Agency - (answer)A fiduciary relationship between a broker and a principal or a
broker and a client
Fiduciary - (answer)A Party acting for another in a position of trust-a broker or
agent
Fiduciary Relationship - (answer)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
, 2
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 Responsibilities - (answer)The responsibilities a broker has to clients
in an agency relationship-includes placing the interest of the client first, full
disclosure of all facts, material and other, and giving advice and opinions
Oral Agency - (answer)An agency relationship created by an oral or spoken
agreement
Implied Agency - (answer)Agency as a result of customary, usual or typical
conditions
Ostensible Agency - (answer)Agency as a result of the actions of an agent and
the response of others to those actions
Agency by Ratification - (answer)Agency established when an agent acts
without permission of the principal and the principal accepts or ratifies those
actions
Agency by Estoppel - (answer)A principal fails to maintain due diligence over
his agent and as a result the court prevents the principal from denying the
agency relationship
, 3
Universal Agency - (answer)A principal gives an agent the power to transact
matters of all types for him
General Agency - (answer)A principal gives an agent the power to bind him in a
particular 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 a single transaction
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