Estate Agency Work Quiz

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Questions and Answers

What does the Estate Agent Ordinance (EAO) define as estate agency work?

  • Interior design and decoration consultation
  • Introduction of a third person wishing to buy or sell property and follow-up negotiation (correct)
  • Landscaping and gardening services
  • Property maintenance and renovation services

What liability does an estate agent bear as a broker?

  • Liability for property tax payments
  • Liability for environmental impact assessments
  • Liability for construction permits
  • Liability for misrepresenting the vendor's acceptance of the purchaser's offer (correct)

What duty does an estate agent owe to their client?

  • Duty to act without considering the principal's best interests
  • Duty to disclose confidential client information to third parties
  • Duty to prioritize personal interests over the principal's
  • Fiduciary duty to act in a way that benefits the principal financially (correct)

What is the common law definition of agency?

<p>The relation between two persons when one represents the other in law (A)</p> Signup and view all the answers

What is the most important aspect of agency according to the text?

<p>The ability of the agent to act in such a way with regard to third parties as to bind his principal (C)</p> Signup and view all the answers

What is covered under the definition of estate agency work according to the Estate Agent Ordinance (Cap.511)?

<p>Introduction to client of a third person who wishes to buy or sell property (A)</p> Signup and view all the answers

What liability does an estate agent bear if they misrepresent the vendor’s acceptance of a purchaser’s offer?

<p>They will be liable for any loss the purchaser suffers (A)</p> Signup and view all the answers

What is the fiduciary duty of an estate agent towards their client?

<p>To act in a way that will benefit the principal financially (C)</p> Signup and view all the answers

What is the common law definition of agency?

<p>The relation that exists between two persons when one is considered in law to represent the other (A)</p> Signup and view all the answers

What is the most important aspect of agency according to the text?

<p>The ability of the agent to act in such a way with regard to third parties as to bind his principal (B)</p> Signup and view all the answers

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