Humber Real Estate - Course 2 Exam Questions and Answers (Solved Papers) what type of flooring is good to use for people on a budget but that want an expensive look in living & dining rooms? - Correct Answers ✅bamboo (cheaper than hardwood) -- marble & hardwood too $ -- laminate doesn't look expensive -- tiles for kitchen & bathrooms Agency - Correct Answers ✅The relationship between a principal and an agent wherein the agent is authorized to represent the principal in dealing with a 3rd-party REBBA's term for agency - Correct Answers ✅representation REBBA's term for 'principal' - Correct Answers ✅Seller or Buyer Agent - Correct Answers ✅Authorized by a principal to represent the principal in business transactions with another party Who is "actually" the 'agent'? - Correct Answers ✅The BROKERAGE (not the broker) 1 / 4
Humber Real Estate - Course 2 Exam Questions and Answers (Solved Papers) Third-Party - Correct Answers ✅An individual who is not directly connected to the agency relationship but may be
effected by it (ex: buyers parents, a buyer if you're the selling
agent, a seller if you're a buyer agent)
- Types of "Obligations" - Correct Answers ✅general or
- Agency Relationship Obligations - Correct Answers
fiduciary as the listing salesperson, should you tell a buyer why the seller is selling their property? - Correct Answers ✅No (confidentiality in an agency relationship)
✅fiduciary + authority "Authority" in an Agency Relationship - Correct Answers ✅the legal power or right given by a principal, & accepted by the agent, to act on the principal's behalf Single Agency (REBBA = single representation) - Correct Answers ✅Agency relationship in which the agent
represents only one party to a transaction (ex: both seller &
buyer represented by diff. brokerages) Dual Agency (REBBA = multiple representation) - Correct Answers ✅when 1 agent represents 2 or more principals in 2 / 4
Humber Real Estate - Course 2 Exam Questions and Answers (Solved Papers)
the same transaction (ex: I represent the buyer & seller or I
represent 2 competing buyers) express agreement in agency relationships - Correct Answers ✅both the principal and agent agreed to the agency relationship through a written or oral agreement (definite understanding) implied agreement in an agency relationship - Correct Answers ✅created by the words & actions of 1 party which leads the other party to BELIEVE their is an agency relationship when no formal acknowledgement of the relationship exists Who Requires a Written Agreement in Agency Relationships?Common law or REBBA? - Correct Answers ✅REBBA (common law doesn't in general for agency relationships) Ratification example (type of agency relationship) - Correct Answers ✅"the action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid" You had a property listed for sale & it didn't sell so the sellers take it off market.. 1 month later someone tells you they want to buy that house who viewed it when it was listed so you present offer to old clients (once they accept offer is when ratification) 3 / 4
Humber Real Estate - Course 2 Exam Questions and Answers (Solved Papers) Estoppel example (agency relationship) - Correct Answers ✅a buyer sends an agent for them to go with the electrical contractor to do an inspection and gives the agent authority to act on their behalf like approve any expenses **salesperson acting on their behalf to a 3rd party** operation of law example (for estoppel) - Correct Answers ✅a violent storm happens so property manager (who oversee's day-to-day operations for the owner) gives the 'ok' to repair damages (even tho usually must get approved first) since people's safety were at risk and owner will still have to pay -- making decisions on behalf of the client Does termination of an agency relationship disturb legal rights & obligations of either party (unless otherwise agreed to by the parties?) - Correct Answers ✅No What 2 Date's Should an Agency Relationship Form Have? - Correct Answers ✅- effective date
- expiration date
- things the agent has to do even after termination of agency
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relationship - Correct Answers ✅1- confidentiality