Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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show | A relationship that exists when a person called a principal, hires another to represent him/her, to act in the principal's best interest, and in everything that is said or done, to take care of the interests of the principal.
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show | When principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.
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show | 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.
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Agency by Statue | show 🗑
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Agent | show 🗑
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show | A person who has been given power to sign in behalf of another.
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show | The philosophy that says, "Let the buyer beware". It indicates that parties without an agent are responsible for protecting their own interests.
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Designated Agency | show 🗑
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show | When an agent is representing both principals in a transaction with their informed consent.
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Express agency | show 🗑
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show | The "other party" knows there is a principal, knows who it is, and that there is an agent.
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General Agent | show 🗑
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show | Agency which is created through the actions of the parties, rather than through an express agreement. Also called ostensible agency.
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show | Agency which is created through the actions of the parties, rather than through an express agreement. Also called implied agency.
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Partially disclosed principal | show 🗑
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show | What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
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Principal | show 🗑
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Specific or special Agent | show 🗑
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show | 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.
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show | The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
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show | An agent hired to do all things for and in behalf of the principal.
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Created by:
Megan07
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