What is an agency relationship in sales?

Understanding Sales Agency and Credit Law

Quiz
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Others
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University
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Hard
G Sañosa
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An agency relationship is a legal contract between two buyers.
An agency relationship in sales is a connection where an agent acts on behalf of a principal in sales transactions.
An agency relationship involves a customer acting on behalf of a seller.
An agency relationship is a partnership between two companies.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is an agency relationship created?
An agency relationship is created through a mutual agreement between the principal and the agent.
An agency relationship is formed when the agent acts without the principal's consent.
An agency relationship is established through a unilateral decision by the principal.
An agency relationship is created by a court order.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the different types of agency relationships?
1. Principal-Agent Relationship, 2. Agency by Agreement, 3. Agency by Estoppel, 4. Implied Agency, 5. Express Agency
Principal-Principal Relationship
Agency by Contract
Agency by Proxy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the Truth in Lending Act?
To promote informed use of consumer credit by requiring clear disclosures of loan terms and costs.
To eliminate all credit card fees.
To provide government funding for personal loans.
To ensure all loans are interest-free.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What rights do agents have in a sales agency?
Agents are not entitled to any form of compensation.
Agents have the right to represent the principal, receive commissions, access information, and be compensated for expenses.
Agents can make decisions on behalf of the principal without consent.
Agents have the right to sell products at any price they choose.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Can an agent bind the principal to a contract?
Yes, an agent can bind the principal to a contract.
An agent can only negotiate but not bind the principal.
Only if the principal gives explicit permission.
No, an agent cannot bind the principal to a contract.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the fiduciary duties of an agent?
Transparency, diligence, and risk management
Independence, negotiation, and advocacy
The fiduciary duties of an agent include loyalty, obedience, disclosure, confidentiality, and accounting.
Trustworthiness, compliance, and representation
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