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Lesson 10 – Ch 9 Vocabulary Quiz

Posted on March 2, 2023March 2, 2023 by
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  1. Question 1 of 25
    1. Question

    The person who authorizes an agent to act on his behalf

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  2. Question 2 of 25
    2. Question

    A person authorized to represent another in dealings with third parties

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  3. Question 3 of 25
    3. Question

    A person seeking to deal with the principal through the agent

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  4. Question 4 of 25
    4. Question

    Someone who holds a special position of trust and confidence in relation to another

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  5. Question 5 of 25
    5. Question

    When the principal gives approval to unauthorized actions after they are performed, creating an agency relationship after the fact

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  6. Question 6 of 25
    6. Question

    Principal appoints someone to act as her agent, agent accepts appointment

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  7. Question 7 of 25
    7. Question

    When one person behaves toward another in a way that suggest or implies that he is acting as that other person’s agent

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  8. Question 8 of 25
    8. Question

    When the principal allows a third party to believe an agency relationship exists, so that the principal is legally precluded from denying the agency.

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  9. Question 9 of 25
    9. Question

    An agent authorized to do anything that can lawfully be delegated to another person

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  10. Question 10 of 25
    10. Question

    An agent with authority to handle the principal’s affairs in a specific area

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  11. Question 11 of 25
    11. Question

    An agent with limited authority to do a specific thing or handle a specific transaction

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  12. Question 12 of 25
    12. Question

    Authority the principal grants to the agent either expressly or by implication

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  13. Question 13 of 25
    13. Question

    Where no actual authority has been granted, but the principal allows it to appear that the agent is authorized, and therefore is estopped from denying the agency

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  14. Question 14 of 25
    14. Question

    Information that could reasonably be expected to affect someone’s decision in a transaction

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  15. Question 15 of 25
    15. Question

    A property defect that would not necessarily be discovered in an ordinary inspection of the property

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  16. Question 16 of 25
    16. Question

    Any financial gain an agent receives as a result of the agency relationship and does not disclose to the principal.

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  17. Question 17 of 25
    17. Question

    The agent who takes the listing on a property and who may or may not be the agent who procures a buyer

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  18. Question 18 of 25
    18. Question

    The agent who procures a buyer for a property, and who may or may not have taken the listing.

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  19. Question 19 of 25
    19. Question

    Any agent other than the listing agent who attempts to find a buyer for a property.

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  20. Question 20 of 25
    20. Question

    A sale in which the buyer and the seller are brought together by salespersons working for the same broker

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  21. Question 21 of 25
    21. Question

    A salesperson who has been assigned by her broker to act as the agent of either the seller or the buyer in an in-house transaction

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  22. Question 22 of 25
    22. Question

    A sale in which the buyer and the seller are brought together by salespersons who work for two different brokers

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  23. Question 23 of 25
    23. Question

    A real estate licensee who assists the buyer and seller in a transaction but does not represent either party

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  24. Question 24 of 25
    24. Question

    Match the words to the correct definition. These terms are the different ways to create an agency relationship.

    Sort elements
    • Ratification
    • express agreement
    • implication
    • estoppel
    • When the principal gives approval to unauthorized actions after they are performed, creating an agency relationship after the fact
      • Principal appoints someone to act as her agent, agent accepts appointment
        • When one person behaves toward another in a way that suggest or implies that he is acting as that other person's agent
          • When the principal allows a third party to believe an agency relationship exists, so that the principal is legally precluded from denying the agency.
            Correct
            Incorrect
          • Question 25 of 25
            25. Question

            Match the words to their correct definition

            Sort elements
            • Principal
            • agent
            • third party
            • fiduciary
            • The person who authorizes an agent to act on his behalf
              • A person authorized to represent another in dealings with third parties
                • A person seeking to deal with the principal through the agent
                  • Someone who holds a special position of trust and confidence in relation to another
                    Correct
                    Incorrect

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