URE-AGENCY
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
---|---|---|---|---|---|
Agency | A relationship between two parties wherein the principal hires another person to represent him or her.
🗑
|
||||
Agency by Estoppel | The principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.
🗑
|
||||
Agency by Ratification | The agency is created by implication, or actions, and the principal approves it by agreeing after the agency service has been performed to compensate the agent.
🗑
|
||||
Agency by Statute | The law has given rise to the agency, such as a Sheriff appointed by the court to be the agent of the owner in a foreclosure sale.
🗑
|
||||
Agent | The person hired by a principal to act for and in behalf of, or to represent the principal, and always acting in the principal's best interest.
🗑
|
||||
Attorney in fact | A person who has been given power to sign in behalf of another.
🗑
|
||||
Caveat Emptor | The philosophy that says "Let the buyer beware."
🗑
|
||||
Designated Agency | The principal (buyer or seller) who is hiring an agent specificies exactly which person(s) will act as agent or subagent and exercise fiduciary care in representing their best interest.
🗑
|
||||
Dual Agent (Limited Agent) | When the agent is representing both principals in a transaction with their informed consent. (Also known as a limited agent.)
🗑
|
||||
Express Agency | Agency created through words, written or oral, between the principal and the agent, such as a listing agreement.
🗑
|
||||
Fully Disclosed Principal | The "other party" knows there is a principal, knows who it is, and that there is an agent.
🗑
|
||||
General Agent | An agent hired by contract to use the agent's expertise to fulfill the objectives of the principal.
🗑
|
||||
Implied Agency | Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
🗑
|
||||
Ostensible Agency | Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
🗑
|
||||
Partially Disclosed Principal | The "other party" knows who the agent is, knows there is a principal, but is not told who the principal is.
🗑
|
||||
Power of Attorney | What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
🗑
|
||||
Principal | The agent works for this person. This person is also sometimes referred to as a client.
🗑
|
||||
Specific or Special Agent | An agent hired by contract to carry out specifically stated activities.
🗑
|
||||
Subagent | Anyone who is assisting the agent (principal broker) in the agent's responsibilities. For instance, a sales agent or associate broker in the office, or principal broker with a co-broker agreement.
🗑
|
||||
Undisclosed Principal | The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
🗑
|
||||
Universal Agent | An agent hired to do all things for and in behalf of the principal.
🗑
|
||||
Fiduciary | The word which describes the responsibility of an agent toward the principal, involving trust, loyalty, confidence, care and diligence.
🗑
|
||||
Rule of Disclosure | The responsibility to reveal all material facts to a principal, including mistakes and misrepresentations. Indeed it might be said concerning the fiduciary relationship, what the agent knows, the principal knows.
🗑
|
||||
Rule of Obedience | The responsibility of the agent to follow all instructions of his principal.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
ryan0099
Popular Real Estate sets