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Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer Questions and Correct Answers (100% Pass)$13.49
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Humber Real Estate - Course 2,
Module 1, Explaining Services
Available to a Seller or Buyer
Questions and Correct Answers
(100% Pass)
Under Ontario law, how is an 'agency relationship' defined?
✓ 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?
✓ Client & Customer
The underlying relationship of the brokerage, salesperson, seller and buyer is
based on what?
✓ The Common Law of Agency
In relation to a contract, how is a third party defined?
Once an agency relationship is established between a brokerage and a
client, does the agreement apply to all brokers & salespersons employed by
the brokerage?
✓ Yes. Everyone must protect the client's best interests.
Define 'Brokerage' according to REBBA
✓ The agent who is authorized to trade in real estate on behalf of others.
Principal is also known as ...
✓ Client
What is a 'Principal'?
✓ 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'?
✓ The seller
Master01 | October, 2024/2025 | Latest update
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