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Agency A Relationship whereby one by a principal authorizes another called the agent to represent the principal in business relations with third parties is known as? Agent One Employed By and Under the control of another known as the principal to rep. such principal in business dealings w/ third parties is known as a/an? principal In an agency relationship, the one who employs another to represent him/her in legal and/or business dealings with third persons is called a/an sub-agents of the broker the broker employed by either a seller or buyer may employ others to assist in meeting the obligations to the brokers principal. those so employed are called customer the person with whom the broker is working without an agency contract to accomplish the object of his/her employment should be called fiduciary one who is in a position of trust and confidence with respect to another is known as a/an attorney-in-fact a competent person who is authorized by another to act in his/her place as an agent is known as a/an power of attorney a written instrument authorizing a person to act for another to the extent indicated in the instrument is called express agency an agency is voluntarily created through contractual agreement between the principal and the agent is known as a/an implied agency a common law agency created by the conduct and acts of the principal and agent is called an agent, while working in scope of his/her authority, binds his/her principal. the authority granted by a seller to a broker is expressed in the listing agreement express authority a type of authority that is voluntarily and explicitly set forth as instructions by the principal in the agency agreement is called implied authority authority exercised by an agent which is in accord with usual or traditional practices is called general agent one authorized to conduct a series of transactions involving an ongoing relationship such as a salesman or broker employed by a broker-in-charge is special agent one authorized to conduct a single transaction or a series of transactions not involving an ongoing relationship is disclosed principal an agent disclosed to the customer that he/she also disclosed the clients identity. what type of principal is the client reimbursement which if the obligations of a principal to an agent is not automatic and must be agreed upon performance there are 18 situations which an agency can be terminated by operation of the law. which is best for the agent? steve may take less than the listing price broker tom has a listing on property owned by seller steve. which of the following should broker tom not disclose to buyer bob the broker is obligated to obey all of the sellers lawful instructions, even those with which she personally disagrees which of the following is correct concerning a listing brokers obligations and responsibilities to the seller no because she withheld relevant facts from her client broker joyce received a full priced offer on some property she had listed. the offer is congruent on the owner financing 90% of the price. joyce feels the offer is unacceptable because the buyer has defaulted on other loans in the past, but she does not mention this to her client. did joyce meet her fiduciary duties only those expenses agreed upon by the seller and broker as part of the listing agreement after listing a house for sale a broker incurs $37 in advising expense and $17 in taxi fares for prospects interested in the property. for which expense should the seller reimburse the broker? both the broker and the seller a broker took an exclusive listing contract on a sellers home. he seller told the broker the roof leaked, but the broker made to notation of the listing. later the buyer made an offer on the property that the seller accepted. the broker lied when the buyer made his/her offer; telling him/her the roof was in good condition. after the buyer took possession, he/she discovered the truth during the first rain. responsibility for the misrepresentation rests with revoke the agency created by the existing contract but may be liable for damages during the period of an exclusive right to sell listing, if the principal no longer wishes to be represented by the broker, the principal may seller agency,buyer agency, and sub agency three of the permissible agency relationships in sc are at the first practical opportunity at which the licensee and the buyer or seller has substantive contract in sc when must a licensee provide a meaningful explanation of agency relationships to a buyer or seller client what is the term in the sc licence law that is used to mean a principal. confidentiality in sc, which of these duties of an agent to a principal continues after the agency relationship has been terminated customer what is the "common law" third party called in the sc licence law the seller and the company must have a written agency agreement when creating an agency relationship in sc between a real estate company and a seller, what is required