Champions Real Estate Exam: Law of Agency Questions and Correct Answers the Latest Update and Recommended Version
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Course
Real Estate
Institution
Real Estate
This person hires an agent
→ The Principal
The agent works on behalf of this person
→ the client (principal)
This type of agency allows for the greatest range of authority
→ Universal
This is provided to the agent when there is written documentation that the agency relationship
exists...
In the above transaction, who is representing the buyer?
→ No body because the buyer is a customer.
Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into
an
agency relationship with City Realty.
In the above transaction, who is City Realty representing?
→ The seller, because City Realty is a subagent of ABC Realty in this transaction
Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into
an
agency relationship with City Realty.
What type of transaction is this?
→ cooperative (co-op)
An exemption to using the Information About Brokerage Services form is:
→ a lease for less than 1 year with no sale anticipated
A licensee not associated with the client's broker but who is representing the client through a
cooperative agreement with the client's broker is known as:
→ Subagent
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