3.3 Agent Authority and Agency Termination

All of the following situations would legally terminate a listing EXCEPT:

• death of the listing salesperson

• revocation by the seller

• revocation by the broker

• insanity of the seller

Answer explanation

agreement is with employing broker

Under a typical listing agreement, what is the agency created between the broker and seller?

• special agency

• universal agency

• general agency

• ostensible agency

The idea that principals may be held liable for the acts of their agents is:

• vicarious liability

• imputed notice

• fiduciary duty

• caveat emptor

A property is listed for sale and before expiration of the listing the principal is declared bankrupt. The listing is:

• terminated

• not affected

• subjected to court review

• transferred to the trustee

A licensed real estate salesperson is which type of agent to their broker?

• general

• special

• universal

• attorney-in-fact

Which of the following would NOT terminate an agency relationship?

• destruction of the property

• death of the seller

• acceptance of offer and opening escrow

• court order

The concept that information given to a client's agent has been given to the client is known as:

• caveat emptor

• respondent superior

• vicarious liability

• imputed notice

What authorizes an individual to sign or execute a contract on behalf of another?

• attorney at law

• attorney-in-fact

• power of attorney

• specific agency

A seller who is going out of town authorizes a fried to sign the closing papers. This authorization creates a:

• general agency

• specific agency

• property management agreement

• listing agreement

A person authorized to act on someone else's behalf and perform various business transactions is a(an):

• special agent

• general agent

• ostensible agent

• ratified agent