Humber Real Estate - Course 2, Module 1 questions with correct answers

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. CORRECT ANSWER Under Ontario law, how is an 'agency relationship' defined? Client & Customer CORRECT ANSWER While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency CORRECT ANSWER The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Someone who is not directly connected with a legal transaction but may be affected by it, OR supporting one of the people involved, i.e. lawyer, home inspector, etc. CORRECT ANSWER In relation to a contract, how is a third party defined? Representation CORRECT ANSWER Under REBBA, what is the equivalent for the legislative term for "agency"? The brokerage CORRECT ANSWER In a real estate transaction, who is the 'Agent'?