Which of the following BEST describes a material fact?a fact that could cause someone to take a different course

Real Estate Level 8 Assessment: Agency Principles Flashcards

A listing agreement is an agency agreement between whom?a seller and a broker Which of the following BEST describes a material fact?a fact that could cause someone to take a different course of action Which of the following provides the BEST definition of a ministerial act?an action performed for another according to established procedures or guidelines and without the need for discretion or individual judgment What is the most desirable cause of agency termination?performance Which of these is an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another?fiduciary With this type of agency, the principal and agent may never explicitly state the nature or terms of the relationship, but the agent will be held to the duties of an agency

relationship:

implied agency Which of the following is true regarding general agency and universal agency?In real estate, the use of general agency in real estate is common, but the use of universal agency is not.If a client wishes a fiduciary level of performance and obligation from their Georgia broker, what action must they take?They must specify those fiduciary duties in the agency contract.Geni dropped by Bob's brokerage to pick up a few flyers and express her intent to buy a home in the near future.Then she began telling Bob that she was still working to put aside enough money for a down payment.Did Broker Bob have any disclosure obligation in that conversation? If so, what?Bob should have stopped Geni from revealing confidential information until he could disclose to her how agency relationships work.If an agency relationship is terminated by operation of law due to the loss of license by the sponsoring broker, what would a sponsored licensee need to do to continue working with a client?They would need to find another sponsoring broker and create a new agency agreement with the client.Which of these is an individual with whom a license holder has no agency relationship nor fiduciary duties but to whom fairness and honesty are still required?customer Commingling an illegal practice and a failure on the part of

a broker in regard to their duty of:

accounting Which of these is a legal instrument used to confer the right of one individual to act on behalf of another?power of attorney A rental property owner recently became concerned about the work of his property management company. He notified them that he no longer needed their services and asked for a full accounting of all money received by them. Which of

the following is true?The property management company has no right to refuse the request.Which of the following is NOT one of the fiduciary duties that an agent owes a client?compensation

Which two of the three classifications of agency come with authority to bind?general and universal Georgia brokers are required by law to maintain a trust account separate from their brokerage's operating accounts. This enables them to fulfill what duty to their clients?the duty of accounting When is it generally considered acceptable to share a client's financial condition?It is appropriate to share that a client has the ability to get the financing needed to make the purchase.The term used for an individual with authority to act on

behalf of another is:

agent How are agency relationships different in Georgia with respect to fiduciary duties than in many other states?In Georgia, an agency relationship is not automatically a fiduciary relationship.Georgia does not allow agency relationships to be created orally. But in states where it is allowed, there are several reasons to discourage it.Which of the following would be a reason why oral agency relationships should be discouraged even in states that allow it?They are more likely to lead to complaints and/or lawsuits than are agency relationships put in writing.Agent Larry takes a check from a buyer at the end of the day on Friday and deposits it in his personal account over the weekend until he can get the money to the escrow account at the bank by the brokerage on Monday.What fiduciary duty, if any, has Larry breached?accounting What are the duties that survive agency termination?confidentiality and accounting