An agency relationship that is concluded retroactively is known as agency by: a) sub-authority b) Non-agency information d) Non-Agency The exclusive agency contract grants the broker the exclusive right to represent the seller when selling or leasing the seller`s property, but changes the way the broker is compensated. Under this agreement, the broker must manufacture a buyer or tenant in accordance with the terms of the agreement. If the property is sold or leased exclusively by the seller`s efforts, the broker is not entitled to compensation. Normally, the general plenipotentiary is a commercial representative, but there are circumstances in which a person may appoint a general agent for personal use. A common form of personal general agent is the person who holds the power of another. It is a transfer of powers to another to act in its place; it can be obtained by the execution of a simple form as presented in Figure 25.2 “General Power.” Normally, the power of attorney is used for specific purposes, for example. B to sell real estate or securities in the absence of the owner. But a person facing a lengthy operation and rest in a hospital could give a general power of attorney to a trusted family member or friend. 4) The power conferred on the broker as part of a special agency is described in the – which generally authorizes the broker to perform basic actions such as advertising and displaying the property. Suppose Arthur is Paul`s agent, who works until October 31. On November 1, Arthur bought materials from Lumber Yard – as he has done since the spring – and loaded them onto Paul`s account.
Lumber Yard, unaware that Arthur`s employment ended the day before, Paul calculates. Does Paul have to pay? Yes, because the resignation of Lumber Yard has not been communicated. It seemed that Arthur was a licensed agent. This question is asked in Chapter 26 “Responsibility of the adjudicator and agent; Cessation of the agency.” Check out our article on how an agency is created. a) Offer to purchase b) List contract c) Optional lease agreement d) double agency agreement 5) The client has all the following obligations to an agent in an agency relationship, except for this one? To learn how to terminate an agency, click here in our article. An officer is a person who acts on behalf and on behalf of someone else after obtaining a certain degree of authority and has taken over to do so. Most organized human activities – and virtually all commercial activities – are carried out by agencies. Without such a concept, no business would be possible, even in theory. You could say, “General Motors, for example, builds cars in China,” but we cannot shake hands with General Motors.
“The General,” as they say, exists and operates through agents. Similarly, partnerships and other corporate organizations refer largely to agents. It is no exaggeration to say that the agency is the cornerstone of the organization of companies. In a partnership, each partner is a general agent, while under corporate law, senior managers and all employees are agents of the company. 9) A buyer_s agent is usually paid by the traditional commission agreement between the broker and the cooperating broker, the___________pays the commission which is then divided between the listing agent and the buying agent.