Law of agency Study guides, Class notes & Summaries

Which of the following has the authority to suspend or revoke a Texas real estate license? - ANSWERSTREC Which of the following is an element of a listing agreement? - ANSWERSthe agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - ANSWERSsalesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer represen...

Test Bank for Business Law: Text and Cases, 15th Edition, Kenneth W. Clarkson, Roger LeRoy Miller, ISBN: 9630 Table of Contents UNIT ONE: THE LEGAL ENVIRONMENT OF BUSINESS. 1. Law and Leg al Reasoning. 2. Business and the Constitution. 3. Ethics in Business —Appendix to Chapter 3: Costco Code of Ethics. 4. Courts and Alternative Dispute Resolution. 5. Court Procedures. Unit One: Task-Based Simulation – Application and Ethics: Arbitration, No Class Actions. UNIT TWO: TORTS AND CRIMES. 6. Tort...

Act - includes a failure or omission to take action. (720 ILCS 5/2-2) Conduct - An act or a series of acts, and the accompanying mental state. (5/2-4) Dwelling - An enclosed space used or intended for use as a human habitation, home, or residence. Ex: tent, mobile home, vehicle, house, apartment , trailer. Felony - An offense punishable by one year or more in a penitentiary. Forcible Felony - The most serious of crimes. Includes: 1. murder 2. Agg. Battery: with great bodily harm or perm...

Complete Test Bank for The Law and Business Administration in Canada, 15th Edition by J.E. Smyth, Dan Soberman, A J. Easson, Shelley McGill ; ISBN13: 9780136963547. (Full Chapters included Chapter 1 to 32)....1.Law, Society, and Business. 2.The Machinery of Justice. 3.Government Regulation of Business. 4.The Law of Torts. 5.Professional Liability The Legal Challenges. 6.Formation of a Contract Offer and Acceptance. 7.Formation of a Contract Consideration and Intention. 8.Formation of a Co...

Law of Agency – Exam Questions and Answers 100% Pass Duties of an Agent Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable care - OLD CAR General vs. Special Agent General: has less authority than the universal agent. An individual has the right to represent his or her principal in a particular type of transaction or business. Special: the most limited of all the agency agent may perform only limited duties for the principal. Not able to bind (obligate) the principal...

OPOTA Exam 2023. Explain the relationship between a SPO and a test question - Answer A test question must respond directly to an SPO and every SPO may be the basis of a test question Explain the ultimate reason for law enforcement training - Answer To be able to protect the life and property of yourself and the public List a peace officer's main goals - Answer - Enforce the laws - Preserve the peace, - Prevent crime - Protect civil rights and liberties - Provide services Explain items...

Which neighborhood quality of life issue is most affected by the overuse of alcohol? a. property values b. noise c. traffic congestion d. homelessness - Correct answer-B. Noise Irresponsible alcohol sales in a community typically lead to an increase in a. calls to law enforcement. b. home values c. car and home insurance rates. d. drug overdoses. - Correct answer-A. Call to law enforcement Which symptom is associated with alcohol-impaired driving? a. increased heart rate b. breathing...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

Agency - Answer- This refers to the relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party..? Agency Brokerage Joint venture Partnership All of the Above - Answer- Which of the following can serve as a principal...? Seller Buyer Lessor All of the above Independent Contractor - Answer- Real estate agents o...

If there is no expiration date in an agency agreement, which of the following rule would apply? - Answer- A reasonable time period would apply. Which warranty provides that an agent cannot be held liable if a principal is unable to fulfill the terms of an agreement with a third party? - Answer- Warranty of authority A knowledgeable seller who prepares a counteroffer would justifiably: - Answer- Send it to the listing broker, who may do nothing more than deliver it to the buyer's broker ...