Humber Real Estate - Course 2, Module 1 2024 with 100% 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'? A seller or buyer - correct answer In a real estate transaction, who is usually the 'Principal'? Representation - correct answer Agency is also known as ... Representation Agreement - correct answer A Listing (Seller Agency) Agreement / Buyer Agency Agreement is also known as ...