Broker - correct answer A Properly Licensed party who serves a principal in an agency relationship
Agency - correct answer A fiduciary relationship
... [Show More] between a broker and a principal or a broker and a client
Fiduciary - correct answer A Party acting for another in a position of trust-a broker or agent
Fiduciary Relationship - correct answer The relationship based on trust-the relationship governed by the law of the agency between a broker and a principal
Principal - correct answer A party represented by a broker in an agency relationship-also called a client
Client - correct answer A Party represented by a broker in an agency relationship-also called a principal
Customer - correct answer A third party-one a broker is working with, but who is not represented by that broker
Buyer Representation Agreement - correct answer An employment contract obligating a broker to act as a fiduciary to a buyer
Listing Agreement - correct answer An employment contract obligating a broker to act as a fiduciary to a seller
Management Agreement - correct answer An Employment contract obligating a broker to act as a fiduciary to a property owner
Public Responsibilities - correct answer The responsibilities a broker has to customers or third partyies including-Honesty, Fairness and disclosure to material facts
Fiduciary Responsibilities - correct 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 - correct answer An agency relationship created by an oral or spoken agreement
Implied Agency - correct answer Agency as a result of customary, usual or typical conditions
Ostensible Agency - correct answer Agency as a result of the actions of an agent and the response of others to those actions
Agency by Ratification - correct answer Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions
Agency by Estoppel - correct 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
Universal Agency - correct answer A principal gives an agent the power to transact matters of all types for him
General Agency - correct answer A principal gives an agent the power to bind him in a particular trade or business
Special Agency - correct answer A principal gives an agent the power to perform specific acts, but not to bind the principal-also called limited agency
Limited Agency - correct answer A principal give an agent the power to perform specific acts, but not to bind the principal-also call Special Agency [Show Less]