Unit 5 Of The Reca Fundamentals Questions And Answers 100% Verified A+ Guaranteed

The ways in which representation relationships may be terminated include the following {Ans: - By agreement (both agree to go separate ways) •By revocation (one of the 2 parties isn't fulfilling their side of the bargain.) •By operation of Law by Agreement}There are representative relationships and non-representative relationship relationships. When does it become a representative relationship? {Ans: When they sign a contract or a verbal agreement.}What is the role of the client on the deal end? {Ans: Indemnification from costs (repay for any costs incurred) •Remuneration for services (pay the agent for all the services they perform) Disclosure of relevant information Indemnification}What are the obligations to the client that you have?? {Ans: • Exercise Skill and care • Act Honestly • Perform Mandate • Obey Lawful Instructions • Act in Person • Disclose Information • Negotiate Favorable Terms • Maintain Confidentiality Fiduciary Duties}There are 3 methods of terminating a representation relationship by agreement {Ans: Mutual Consent: The principal and agent both agree Expiry: the contract has taken so long and now has expired Completion/Performance. the purpose relationship is achieved sold!!}What are the two types of laws? {Ans: Statute law: Federal or Provincial law Common