national real estate EXAM A+ GRADE ASSURED COMPLETE SOLUTIONS AND VERIFIED ANSWERS

ATI EXAM ms




Exam Solution ms




National Real Estate Exam: Agency 2026 A+ GRADE ASS ms ms ms ms ms ms ms ms




URED COMPLETE SOLUTIONS AND VERIFIED ANSWERS
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(51D23)
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QUESTION 1 ms




fiduciary relationship ms




ANSWER

When a person acts on behalf of another in business and legal dealings with others. A special relatio
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nship of trust, confidence, or responsibility in certain obligations to others.
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QUESTION 2 ms




imputed knowledge ms




ANSWER

principal has same knowledge or notice of facts known by his agent or subagent and the agent is co
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nsidered to have same knowledge or notice that subagents have
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QUESTION 3 ms




vicarious liability ms




ANSWER

If a principal has the same knowledge as his agent, he then would have liability for the agent's acts.
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QUESTION 4 ms




universal agent ms




ANSWER

authorized to perform all acts that can be delegated to a representative, including power to sign con
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tracts and other docs for principal.
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, QUESTION 5 ms




power of attorney ms ms




ANSWER

authorizes a person to act as an attorney in face and sign on behalf of principal.
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QUESTION 6 ms




general agent ms




ANSWER

authorized to conduct series of transaction of a continuing nature in a broad, but specified, range of
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business matters for principal.
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QUESTION 7 ms




special agent ms




ANSWER

has limited authority to conduct a single transaction for a principal. Confined to a specific task.
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QUESTION 8 ms




agency relationship ms




ANSWER

Agent owes loyalty in relationship. Written agreement not required to create agency relationship.
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QUESTION 9 ms




agency relationships may be created 6 ways
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ANSWER

1. express agreement 2. ratification 3. necessity 4. law 5. estoppel 6. implication
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QUESTION 10 ms




express agreement ms




ANSWER

oral or written agreement.
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