Lesson 10 – Ch 9 Vocabulary Quiz

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Match the words to their correct definition