Agency by ratification Study guides, Revision notes & Summaries

California Real Estate Exam: Questions & Answers Latest Update 2023/2024 100% Verified. Reed vs. King Case (Ans- Must disclose death (and manner of death) on a property if occurs within 3 years, except AIDS Jones vs. Mayer Supreme Court Decision (1968) (Ans- Racial discrimination not allowed (whether selling or buying) in all PRIVATE property transactions (based on Civil Rights Act of 1968) Easton vs Strassburgar (Ans- Seller disclosures to third parties AND agent visual inspection of all...

Agency - An agency is created when a person or company (an agent) agrees to act for or in place of another person or company (the principal) Parties in an Agency - -The principal creates authority in an agent -The agent receives authority and carries out the principal's instructions -Third parties make contract or are involved in torts with the agents Disclosed Principal - Identity of principal is known by the third party at time of making of contract with agent Undisclosed Principal - Id...

GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution Safety Clause - CORRECT ANS -A negotiated period after the termination of the listing during which the listing broker may still be entitled to a commission if the property is sold to a buyer who was shown the property during the listing period Survival Clause - CORRECT ANS -A clause in the contract for purchase and sale that, unless otherwise expressly agreed to in writing by the buyer and seller, allows certai...

Ratification, Estoppel, agreement are all correct An agency relationship may be created by: correct answer: Ratification, Estoppel, agreement are all correct Failure to perform any of the terms or conditions of a contract is called correct answer: Breach A licensed real estate broker is successful in securing a buyer for a property who is ready, willing, and able to buy. The offer is accepted and signed by both parties and escrow is opened. During the escrow period, the TITLE compan...

In which year did the National Association of REALTORS® create the Code of Ethics for the real estate industry? - Answer- 1913 In the relationship with a buyer or a seller, a real estate agent is usually a: General agent Universal agent Primary agent Special agent - Answer- Special agent The _________ makes all decisions and signs all documents. The agent cannot bind the principal - Answer- Principle The only requirement for the formation of an agency relationship is: The cons...

Agency relationship - When a person or company (agent) agrees to act for or in place of another person or company (principal) What are three qualities in an agency relationship? - 1. The principal creates authority in an agent 2. The agent receives authority and carries out the principal's instructions 3. Third parties make a contract or are involved in a tort with the agent What is the result of an agency relationship? - The principal is bound by the agents acts with a third party Unive...

Agency - A relationship between two parties in which one party, the agent, agrees to represent or act for the other, the principal. Power of attorney - Notary public - Equal dignity rule - Ratification - Respondeat superior - A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their tangency or employment. vicarious liability - Legal responsibility placed on one person for...

Agency This is fiduciary relationship in which an agent agrees to perform a task for the principal and acts on his behalf, However, subjected to the principal's control. How is an agency relationship formed? (4) Agency by agreement " " ratification " " estoppel " " operation of law Agency by agreement Both the principal and the agent agree on certain conditions. This agreement can be formed either by an express or implied contract. Agency by ratification

Buyer Representation Agreement - An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - Agency as a result of customary, usual or typical conditions Broker - A properly licensed party who serves a principal in an agency relationship- also called an agent Client - A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting a...

negligence failure to exercise the standard of care that a reasonable person would exercise in similar circumstances (also known as the "reasonable person" standard) proximate cause legal determination that the connection between an act or omission and a resulting injury (causation in fact) is strong enough to impose liability foreseeability for a defendant to be liable for negligence under common law tort, the type of harm caused by the negligence must have been reasonably fo...