Real Estate Agency Law Quiz and Flashcards

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:

Who is someone authorized to represent another in dealings with third parties?

What term is used when a customer becomes a __ when a relationship is documented in an agreement?

What term is used for an agent of an agent?

What is a fact that, if known, might have caused a buyer or seller to make a different decision?

In a dual agency, who does the agent work for?

What term describes when the principal gives approval to unauthorized actions after they are performed?

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.