Real Estate Exam: Law of Agency [100% PASS] /verified/

Real Estate Exam: Law of Agency [100% PASS] /verified/ This person hires an agent *Ans* The Principal The agent works on behalf of this person *Ans* the client (principal) This type of agency allows for the greatest range of authority *Ans* Universal This is provided to the agent when there is written documentation that the agency relationship exists. *Ans* Express authority This is the most limited of all the agency relationships *Ans* Special agency This type of agency is created when a 3rd party believes that an agent has authority that has NOT been granted by a principal *Ans* Agency by Estoppel This type of agency is created when actions lead another person to assume that one is an agent (Example- you have a key to neighbors home and show the property) *Ans* Ostensible Agency If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? *Ans* No one This establishes a relationship with a broker *Ans* The Buyer/Tenant Representation agreement This can be written or oral *Ans* Disclosure of Representation These are required to place their own selfish interests behind that of their clients. *Ans* Fiduciaries