NSAR SALESPERSON LICENSING FULL
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED STUDY SHEET
●● Agency law concerns what kind of relationship
Answer: principle-agent
●● general agency law concerns what kind of relationship
Answer: guardian-ward, executor-decedent, employer-employee
●● a "principle-agent" relationship may arise from
Answer: explicit appointment of an agent or by implication
●● the law of agency is based on what latin phrase
Answer: qui facit per alium, facit per se
●● "qui facit per alium, facit per se" translates to
Answer: he who acts through another is deemed in law to do it himself
●● Agents common law duties (COALD)
Answer: case, obedience, accounting, loyalty, and disclosure
,●● the principles of agency are based on which system developed
centuries ago in England
Answer: common law
●● spending a few days researching the local MLS to find the selling
price of other properties before setting a listing price is an example of
Answer: care
●● the most obvious repercussion for being careless in the real estate
industry is the risk of being liable for
Answer: negligence
●● the obligation to follow the principals lawful instructions falls under
the duty of
Answer: obedience
●● clients/principals are represented by
Answer: agents
●● customers are represented by
Answer: themselves
,●● a person or business that purchases a commodity or service is a
Answer: customer
●● a consensual fiduciary relationship in which one party acts on behalf
of and under the control of another in dealing with third parties is
Answer: agency
●● fiduciary comes from the latin word "fides" which means
Answer: trust
●● obligations of an agent are to
Answer: act on behalf of another to achieve an end
●● fiduciary duties (OLDCAR)
Answer: obedience, loyalty, disclosure, confidentiality, accounting,
reasonable care
●● vicarious liability
Answer: the principal is responsible for the acts of the agent if the agent
is following instructions from the principal
●● Respondeat Superior
, Answer: the principle can be held accountable for any harm caused
through the use of an agent
●● watchful or protective attention towards a situation
Answer: care
●● the care that is ordinarily reasonable
Answer: due care
●● a duty to use due care towards others un order to protect them from
harm
Answer: duty of care
●● conformity to the reasonable business standards that prevail in a
particular area
Answer: ordinary care
●● the degree of care
Answer: standard of care
●● a broker acting as an agent for a seller would be expected to
Answer: arrive at a reasonable listing and selling price
investigate and discover major material facts
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED STUDY SHEET
●● Agency law concerns what kind of relationship
Answer: principle-agent
●● general agency law concerns what kind of relationship
Answer: guardian-ward, executor-decedent, employer-employee
●● a "principle-agent" relationship may arise from
Answer: explicit appointment of an agent or by implication
●● the law of agency is based on what latin phrase
Answer: qui facit per alium, facit per se
●● "qui facit per alium, facit per se" translates to
Answer: he who acts through another is deemed in law to do it himself
●● Agents common law duties (COALD)
Answer: case, obedience, accounting, loyalty, and disclosure
,●● the principles of agency are based on which system developed
centuries ago in England
Answer: common law
●● spending a few days researching the local MLS to find the selling
price of other properties before setting a listing price is an example of
Answer: care
●● the most obvious repercussion for being careless in the real estate
industry is the risk of being liable for
Answer: negligence
●● the obligation to follow the principals lawful instructions falls under
the duty of
Answer: obedience
●● clients/principals are represented by
Answer: agents
●● customers are represented by
Answer: themselves
,●● a person or business that purchases a commodity or service is a
Answer: customer
●● a consensual fiduciary relationship in which one party acts on behalf
of and under the control of another in dealing with third parties is
Answer: agency
●● fiduciary comes from the latin word "fides" which means
Answer: trust
●● obligations of an agent are to
Answer: act on behalf of another to achieve an end
●● fiduciary duties (OLDCAR)
Answer: obedience, loyalty, disclosure, confidentiality, accounting,
reasonable care
●● vicarious liability
Answer: the principal is responsible for the acts of the agent if the agent
is following instructions from the principal
●● Respondeat Superior
, Answer: the principle can be held accountable for any harm caused
through the use of an agent
●● watchful or protective attention towards a situation
Answer: care
●● the care that is ordinarily reasonable
Answer: due care
●● a duty to use due care towards others un order to protect them from
harm
Answer: duty of care
●● conformity to the reasonable business standards that prevail in a
particular area
Answer: ordinary care
●● the degree of care
Answer: standard of care
●● a broker acting as an agent for a seller would be expected to
Answer: arrive at a reasonable listing and selling price
investigate and discover major material facts
