Law of Agency Champion School of Real Estate- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) A Properly Licensed party who serves a principal in an agency relationship - Correct Answers ✅Broker A fiduciary relationship between a broker and a principal or a broker and a client - Correct Answers ✅Agency A Party acting for another in a position of trust-a broker or agent - Correct Answers ✅Fiduciary The relationship based on trust-the relationship governed by the law of the agency between a broker and a principal - Correct Answers ✅Fiduciary Relationship A party represented by a broker in an agency relationship- also called a client - Correct Answers ✅Principal A Party represented by a broker in an agency relationship- also called a principal - Correct Answers ✅Client A third party-one a broker is working with, but who is not represented by that broker - Correct Answers ✅Customer An employment contract obligating a broker to act as a fiduciary to a buyer - Correct Answers ✅Buyer Representation Agreement 1 / 3
Law of Agency Champion School of Real Estate- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) An employment contract obligating a broker to act as a fiduciary to a seller - Correct Answers ✅Listing Agreement An Employment contract obligating a broker to act as a fiduciary to a property owner - Correct Answers ✅Management Agreement The responsibilities a broker has to customers or third partyies including-Honesty, Fairness and disclosure to material facts - Correct Answers ✅Public Responsibilities The responsibilities a broker has to clients in an agency relationship-includes placing the interest of the client first, full disclosure of all facts, material and other, and giving advice and opinions - Correct Answers ✅Fiduciary Responsibilities An agency relationship created by an oral or spoken agreement - Correct Answers ✅Oral Agency Agency as a result of customary, usual or typical conditions - Correct Answers ✅Implied Agency 2 / 3
Law of Agency Champion School of Real Estate- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Agency as a result of the actions of an agent and the response of others to those actions - Correct Answers ✅Ostensible Agency Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions - Correct Answers ✅Agency by Ratification A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship - Correct Answers ✅Agency by Estoppel A principal gives an agent the power to transact matters of all types for him - Correct Answers ✅Universal Agency A principal gives an agent the power to bind him in a particular trade or business - Correct Answers ✅General Agency A principal gives an agent the power to perform specific acts, but not to bind the principal-also called limited agency - Correct Answers ✅Special Agency
- / 3