Law of Agency Level 1-4 Quiz

Actions an agent has been authorized to complete on behalf of a principal

• Agency by actual authority

• Agency by estoppel

• Agency by ratification

• Express Agency

Agency that is imposed by law when it is determined that ostensible agency existed

• Agency by actual authority

• Agency by estoppel

• Agency by ratification

• Express Agency

An unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal

• Ostensible Agency

• Agency by estoppel

• Agency by ratification

• Express Agency

Authority derived from an agency relationship that is created either orally or in writing

• Ostensible Agency

• Agency by estoppel

• Agency by ratification

• Express Agency

Occurs when a principal allows a license holder to act in such a way at to cause a third party to believe that license holder is the principals agent

• Ostensible Agency

• Agency by estoppel

• Agency by ratification

• Express Agency

Manage all the principals affairs within certain specified areas

• General Agency

• Special Agency

• Universal Agency

• Implied Agency

Agent represents one party in a real estate transaction and the party may be either a seller or a buyer

• General Agency

• Special Agency

• Universal Agency

• Implied Agency

The client of a broker in an agency relationship

• Principal

• Customer

• Clint Eastwood

• Third Party

an individual with whom a license holder has no agency relationship with, but still owes them honesty and fairness

• Principal

• Customer

• Turkey

• Third Party

any person involved in a real estate transaction who is not your client and is not a client to any party in the transaction. (Escrow Officer, Lender, Appraiser, etc.)

• Principal

• Customer

• Gobble

• Third Party