Post Licensing 301 Study Guide Rated A+

Minimally, how many parties are there in an agency relationship and what are they called under agency law? {Ans: There must be at least two parties, one is the agent and the other is the principal.}The definition of "material fact" includes all of the following EXCEPT: {Ans: Information about what a buyer-client is willing to offer}"First substantial contact" occurs in all of the following EXCEPT: {Ans: The consumer asks for property information that is public record.}Which of the following directives from their principal must an agent obey? {Ans: Not to rent the property to undergraduate college students.}All of the following are true regarding the Doctrine of Caveat Emptor EXCEPT: {Ans: Brokers' obligations to discover and disclose are less, because Caveat Emptor places the primary burden on the buyer to inspect and investigate.}A municipality has publicized plans to build an outer beltway and has proposed five alternate routes impacting different neighborhoods, but no final decision has been made. Which of the following is true? {Ans: Any broker listing property potentially impacted by any of the proposed routes must disclose that possibility}A person acting as a "fiduciary" holds a position of: {Ans: Trust}All of the