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Questions and Answers
What is the term for a hidden defect, one that isn't discoverable by ordinary inspection?
In a dual agency, who does the agent work for?
What is the term for a person seeking to deal with the principal through the agent?
When the principal allows a third party to believe an agency relationship exists, precluding the principal from denying it, this is known as:
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Who is someone authorized to represent another in dealings with third parties?
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What term is used when a customer becomes a __ when a relationship is documented in an agreement?
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What term is used for an agent of an agent?
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What is a fact that, if known, might have caused a buyer or seller to make a different decision?
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In a dual agency, who does the agent work for?
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What term describes when the principal gives approval to unauthorized actions after they are performed?
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Study Notes
Agency Relationships and Terminology
- A hidden defect, undetectable by ordinary inspection, is referred to as a latent defect.
- In a dual agency, the agent represents both the buyer and the seller, leading to potential conflicts of interest.
- A person who seeks to transact with the principal through the agent is called a third party.
- When a principal allows a third party to assume an agency relationship exists, preventing the principal from denying it, this concept is known as estoppel.
- An individual authorized to act on behalf of another in dealings with third parties is known as an agent.
- A customer becomes a principal when a formal relationship is documented through an agency agreement.
- The term for an agent who acts on behalf of another agent is referred to as a subagent.
- A fact that might have influenced a buyer or seller's decision if known is characterized as a material fact.
- When a principal retrospectively approves unauthorized actions that have already been performed, this process is termed ratification.
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Description
Test your knowledge of real estate agency law.
