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Louisiana Real Estate questions - Lesson 1

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
condition which legally exists when a principal contracts with an agent to perform on his behalf.   show
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show broker's  
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The broker acts on the principal's behalf to ?   show
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A ? is one who engages the professional advice and services of a licensee as his agent.   show
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A ? is a person who is not being represented by a licensee but for whom the licensee is performing ministerial acts.   show
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show no  
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show Ministerial acts  
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Examples include but are not limited to:   show
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the individual who is authorized and consents to represents the interests of another person. The sales associate is a representative of the sponsoring broker. The broker shares the responsibility to the client with the sales agent.   show
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: the agent of an agent. The agent is the subagent of the broker. A selling agent may be a subagent of the listing broker   show
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the party who hires the agent, normally the buyer or the seller or the landlord or tenant. The principal delegates to the agent the responsibility of representing the principal’s interests.   show
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the fiduciary relationship between the principal and the agent in which the agent represents the principal in a transaction.   show
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show Client  
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the third party, that is, the party in the transaction whom the agent does not represent. The customer may be represented by a separate agent.   show
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brokerthe broker who finds the buyer   show
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show Nonagent  
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The agent represents only one of the parties to a transaction. The agent gives advice to the client and owes fiduciary duties to the client only.   show
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The relationship between agent and principal is governed by a body of laws and customs known as___   show
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An agent works FOR a client giving ___, and WITH a customer giving only ___   show
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show universal agency:  
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authorizes an agent to transact a broad range of matters concerning a specific area of business for the principal, for example, managing several investment rental properties. A property manager is an example of a general agent.   show
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authorizes an agent to perform a specific act or to handle a specific business matter for the principal, A real estate broker is usually a special agent. The special agent does not have the power to bind the principal to a contract.   show
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show real estate broker  
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show agent  
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show Express agency:  
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show may be either written or oral  
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An express agency relationship can also be created between a broker and a buyer and is know as a   show
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show Implied agency:  
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Implied agency occurs when the parties behave as though there is an agency agreement. Agency can be created ____________   show
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The licensee may be held liable for his or her actions if ______________   show
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Created by: bvennen
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