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LAW OF AGENCY CHAMPIONS EXAM NEWEST
2025 ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
A licensee has a listing with a seller and has a buyer's representation agreement signed with a buyer who desires to purchase this agent's listing. How is the agent operating? - ANSWER-As a non-appointed associate in an intermediary relationship
Your company sends out a memo that there is a mandatory sales meeting this week for the sales agents. - ANSWER-The IRS rule on independent contractor status could be violated.
Only a broker may earn a commission and only a broker may sue to collect a commission. - ANSWER-true
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Confidential information between client and agent is: -
ANSWER-Kept confidential forever
Which of the following requirements must be satisfied if a broker seeks to enforce payment of a commission? - ANSWER- The broker must have a valid real estate license, The broker must have a signed employment agreement with a promise by the client to pay a commission, The broker must be the procuring cause of sale
A broker is obligated to treat which of the following fairly? - ANSWER-customers, sellers, clients
A licensee not associated with the client's broker but who is representing the client through a cooperative agreement with the
client's broker is known as a: - ANSWER-subagent
Indemnification - ANSWER-The principal will protect the agent from suffering a loss due to the agent's reliance on information received from the principal
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Duties of Principal to Agent - ANSWER-CRIP: Compensation,
Reimbursement, Indemnification (protect the agent from suffering a loss due to the agent's reliance in information received from the principal), Performance
Express Authority - ANSWER-the authority of an agent, stated in the document or agreement creating the agency
Implied Authority - ANSWER-Authority that is created not by an explicit oral or written agreement but by implication. In agency law, implied authority (of the agent) can be conferred by custom, inferred from the position the agent occupies, or implied by virtue of being reasonably necessary to carry out express authority.
Fiduciary - ANSWER-Are held to the highest amount of good faith. Are required to exclude all selfish interest.
General Agency - ANSWER-Property managers are generally this type of agency.
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