What are the parties in an agency relationship

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Reference no: EM132268702

1) In Tennessee, an agency relationship exists where a principal's liability for the actions of a licensee is limited to actions or explicit instructions of the principal. This relationship is called

designated brokerage.

limited agency.

transaction brokerage.

power of attorney.

2) The term "transaction broker" may be used synonymously with the term

designated agent.

managing broker.

facilitator.

sub-agent.

3) What are the parties in an agency relationship?

Principal, agent, customer

Principal, agent, mortgage broker

Mortgage broker, agent, client

Facilitator, client, customer

4) In practice, if you are a facilitator, which of the following is true?

You do not have a signed agency agreement with the seller or buyer.

You may not work with a designated agent representing a seller.

You are bound to fiduciary duties owed the client.

Your broker may or may not be a facilitator on that transaction.

5) The statutory rules of the Tennessee Real Estate Broker License Act of 1973, (the “License Act”) ________________ common law.

are secondary to

are unenforceable under

take precedence over

conflict with

6) What must a licensee do before attempting to purchase a property for him- or herself?

Arrange to be represented by another agent.

Terminate any agency agreements the licensee has with other buyers.

Make a written disclosure of personal interest to the seller.

Apply to the Commission for temporary inactivation of his or her license.

Reference no: EM132268702

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