Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer questions and (VERIFIED) answers rated A+
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Module
Humber Real Estate - Course 2, Module 1,
Institution
Humber Real Estate - Course 2, Module 1,
What is an 'Implied Agreement'? - Answer-An agreement created by the words and
actions of one party, which leads the other party to believe there is an agency
relationship when no formal acknowledgement of the relationship exists.
What are the 3 recognized forms of 'Agreement'? - Answer-Written,...
Humber Real Estate - Course 2, Module
1, Explaining Services Available to a
Seller or Buyer questions and
(VERIFIED) answers rated A+
What is an 'Implied Agreement'? - Answer-An agreement created by the words and
actions of one party, which leads the other party to believe there is an agency
relationship when no formal acknowledgement of the relationship exists.
What are the 3 recognized forms of 'Agreement'? - Answer-Written, verbal & implied
Under common law (not REBBA), what are the 3 ways an agreement can be formed? -
Answer-- By ratification
- By estoppel
- By operation of law
Define an agency relationship by 'Ratification' - Answer-When the authority is granted
retroactively (i.e. the agent has acted without authority OR in excess of the authority
granted). The principal then agrees to be bound by such unauthorized acts.
Define an agency relationship by 'Estoppel' - Answer-When a principal leads a third
party to believe they are being represented by the agent, and that the agent has the
authority to act on behalf of the principal. (i.e. Principal acts like they already have the
relationship with a brokerage. Must be provable by words or actions that the brokerage
has the authority)
Define an agency relationship by 'Operation of Law' - Answer-When a duty created by
circumstance is imposed on an agent to act on behalf of the principal, where previously
no agency relationship existed. This relationship is based on established legal principles
rather than by a formal agreement. This is rare but happens in emergency situations
A Listing (Seller Agency) Agreement / Buyer Agency Agreement is also known as ... -
Answer-Representation Agreement
Agreement of Purchase and Sale is also know as ... - Answer-Agreement (Conveyance
of Interest in Real Estate)
Dual Agency is also known as ... - Answer-Multiple Representation
, Present Offer is also known as ... - Answer-Convey Offer
Purchase / Sale by Registrant - Answer-Acquisition / Divestiture by Registrant
Who are the 'Parties' to a real estate transaction? - Answer-The seller and buyer
What type of relationship does a salesperson have with their brokerage from a legal
perspective? - Answer-Employee / Employer relationship with authorization to trade on
behalf of their respective brokerages.
Once an agency relationship is established between a brokerage and a client, does the
agreement apply to all brokers & salespersons employed by the brokerage? - Answer-
Yes. Everyone must protect the client's best interests.
Define 'Brokerage' according to REBBA - Answer-The agent who is authorized to trade
in real estate on behalf of others.
Principal is also known as ... - Answer-Client
What is a 'Principal'? - Answer-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.
When a brokerage represents a seller when listing a property, who is the 'Principal'? -
Answer-The seller
When a brokerage represents a buyer when showing properties for sale, who is the
'Principal'? - Answer-The buyer
What is the comparable term to 'Third Party' under REBBA? - Answer-Customer
A brokerage representing only a seller would consider a buyer as a _________ or a
customer? - Answer-Third Party
Under Ontario law, how is an 'agency relationship' defined? - Answer-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.
While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA
use instead? - Answer-Client & Customer
The underlying relationship of the brokerage, salesperson, seller and buyer is based on
what? - Answer-The Common Law of Agency
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