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All of the following are essential to the creation of an agency relationship, EXCEPT

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A broker allowed a person to appear to act as her agent. The broker cannot deny the agency now because of : estoppel
A broker brought a qualified buyer to the seller. However, at the close of escrow, the seller refused to pay the commission. the earnest money being held in the broker's trust account is the exact amount of the commission. What should the broker do? Turn the earnest money over to the seller, then sue for the commission.
A broker must NOT tell a prospective buyer: that the owner will accept less than the listing price
A broker purchased her own listing because she knew of a purchaser who would pay more than the listing price. The broker: is liable to the seller for the profit she made.
A broker sold an apt. building to a syndicate of which the broker was a member w/o informing the seller of this interest. Before closing, the owner discovered the broker's interest and refused to sell. The results of a lawsuit to collect a commission would probably result in: release of the owner's obligation to pay a commission
A broker's authority includes: only that authority granted or implied
A broker's fiduciary duty to a client includes all EXCEPT: sell his property; care and diligence; loyalty; confidentiality sell his property
A broker, in dealing with the public may NOT: keep silent about a material fact in the transaction
A buyer gives a post-dated check with an offer. The broker should: inform the seller as to the form of the deposit
A colorless, odorless gas which is a hazard and is found in homes throughout the U.S. is: radon
A contract in which a property owner employs a broker to market the property creates an agency relationship between which of the following: broker and seller
A fibrous material used for fireproofing but which is considered to be an airborn carcinogen is: asbestos
A lawsuit by a principal against a broker who failed to follow instructions will probably result in: money damages
A listing salesperson should do all of the following EXCEPT: advise prospective buyers of the lowest price the seller will accept; verify factual information about the property; advise the seller that known property defects must be revealed to prospective buyers; review local zoning laws that affect the property advise prospective buyers of the lowest price the seller will accept
A Phase I environmentyal assessment includes all of the following procedures EXCEPT: a site inspection; title research; hydrology studies; pollution cleanup pollution cleanup
A prospective buyer knows the owner is considering an offer. She asks the broker the amount of the offer so she can exceed it. The broker should: notify the owner of the request
A real estate agent in an agency relationship must exercise all of the following EXCEPT: due care; accounting; obedience; management management
A real estate salesperson advised a prospective buyer that the property the buyer was considering was scheduled for annexation into the city limits. This disclosure constituted which of the following:disloyalty to principal; misrepresentation; required disclosure to the buyer; violation of disclosure of information by agent required disclosure to buyer
A real estate salesperson may NOT: accept a commission from another broker
A real estate salesperson in selling the listing of another broker, is directly responsible to: his or her broker
A salesperson associated with Lighthouse Realty effects a sale of property listed by Point Hazard Realty. In this transaction the salesperson is an agent for which of the following? Lighthouse Realty
A salesperson is the representative of the: broker
A salesperson received 2 offers for a listed property within a 1-minute period. One offer was 2% less than the listed price and the other was 6% less than the listed price. What should the salespersonpresent to the seller? both offers
A salesperson's position to an owner-client of the broker is closest to that of: subagent
An agency CANNOT be denied when the words or actions of one party led another to believe that an agency existed, would be a(n): agency by estoppel
An agent has an offer on a property listed by another real estate company. No one in the listing brokerage is available within 24 hours. The salesperson MUST: get written permission from the seller to present the offer
An agent who can do any act the principal is capable of delegating would be a(n): Universal agent
An agent's duties to the principal include all of the following EXCEPT: loyalty; accountability; obedience; legal advice legal advice
An exclusive agency listing would NOT establish a(n): agency by implication
An instrument authorizing one person to act for another is called: power of attorney
An intentional misstatement of a material fact that a party relies on to their damage is: fraud
An offer has been accepted on a 10-acre parcel, when the broker learns that the buyer has been buying up land in the area at a much higher price. The broker should: notify the seller of the facts
Commission sharing is an agreement between: cooperating brokers
In a dual agency, the broker: works for both the buyer and seller
In a subagency, the selling salesperson is responsible to the: selling broker
In order to be able to accept compensation from both the buyer and sell a broker MUST: have written permission from both parties
Is is possible for a broker to collect a commission from both parties to a transaction? with full disclosure to both parties and with their written consent
John Jamison, a salesperson with Taylor Realty, lists the property of the Simpsons for sale at $52,000. The Simpson's have told Mr. Jamison that they are pressed to sell and would accept $49,000. Jamison shows the property to Mr. Evans and tells him he can purchase the property for $49,000. Jamison has: violated his relationship with his client
"Puffing" relates to exaggerations not made as representations of fact. Puffing is: legal but discouraged
Salesman J shows property to buyer T. On another particular day, salesman J tells buyer T that he has found a house that is perfect for him. The agency relationship would best be described as: implied agency
Sue listed her house with a broker, she told the broker that the house hadd termite infestation and some structural damage, but the repairs had just been completed. What is the broker obligated to do? inform potential buyers
The holder of a general power of attorney, in dealing with real property of his or her principal, could NOT: buy the property
The owner tells the broker that there is a sewer on the property. A buyer purchases the property and discovers there is only a septic tank on the property. Who is liable? the broker
The phrase which BEST describes the nature of a broker's duty to keep a principal fully informed is: fiduciary obligation
The relationship between the seller and a listing broker is that of: principal and agent
Which of the following may a broker disclose to a prospective purchser without permission? why the property is not desirable
Which of the following is NOT an agency relationship? salesperson-buyers
Which of the following is TRUE? all agency agreements must be in writing; since agency is a contract there must be consideration; a salesperson can't create an agency relationship for his broker none of them
Which of the following is NOT essential to the creation of an agency relationship? an agreement to pay consideration

Which of the following are essential to the creation of an agency relationship?

Consent: Consent of both the principal and the agent is necessary to form an agency relationship. More specifically, both the principal and the agent must consent to the agent acting on the principal's behalf and subject to the principal's control.

What are the 4 ways that an agency relationship can be established?

Terms in this set (4).
Agreement Between the Parties. agreement basically just means contract. ... .
Ratification. this is somewhat of an approval of a matter done for another and thus retroactively forms a relationship. ... .
Agency by Estoppel. ... .
By operation of the law..

What are essential element in the creation of an agency relationship with a buyer?

All that is required to create an agency relationship is the manifestation of assent by both sides. This manifestation can be oral or in writing. Examples of written agency agreements include attorney retainer agreements. Agency relationships can also arise from circumstances even without explicit agreement.

Which of the following are ways to create an agency relationship?

Which of the following is a way to create an agency relationship? An agency relationship is created between an agent and principal by agreement, ratification, or estoppel.

essential creation agency relationship

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