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5 Written questions

4 Multiple choice questions

  1. an agent must act with reasonable care, competence, and diligence in performing the work for which he is employed
  2. an agent must maintain and provide the principal with an accurate account of money or other property that the agent has received or expended on behalf of the principal; an agent must not mingle the principal's property with any other person's property
  3. imposed by law when a person (P) causes a third person (T) to believe that another person (A) has authority to act on P's behalf
  4. a power given as security—including an agency coupled with an interest—is irrevocable

4 True/False questions

  1. independent contractorperson who contracts with another to do a particular job and is not subject to the other's control over the manner and means of conducting the work

          

  2. compensationa principal must compensate the agent as specified in the contract, or for the reasonable value of the services provided, if no amount is specified

          

  3. agencyconsensual relationship authorizing one party (agent) to act on behalf of the other party (principal) subject to the principal's control

          

  4. indemnificationduty owed by principal to pay for losses agent incurred while acting as directed by principal