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Question
Marlon intends to sell a piece of real estate he owns and contracts Nita, a real estate broker, to make the sale. In the contract, Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed. The contract also stipulates that Marlon must not hire another broker to sell that piece of land until the expiration of the contract period. Nita finds a suitable buyer, makes the sale in time, and is paid by Marlon for her services. What kind of contract existed between Marlon and Nita?A) an apparent agency contract
B) a ratified contract
C) an exclusive agency contract
D) an exclusive principal contract
Answer
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Related questions
Q:
Which of the following is true of a fully disclosed agency?
A) The third party does not know the identity of the principal.
B) The third party knows the name of the principal but all transactions are done with the agent.
C) The contract is between the principal, agent, and the third party.
D) The principal is liable on the contract with a third party.
Q:
The ________ is a principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.
Q:
Ashley owns a piece of vacant real estate through which a small river runs. Ashley hires Warren, a licensed real estate broker, to list the property for sale and help sell the property. While inquiring in the neighborhood, Ashley's neighbor Lenny tells Warren that a chemical plant upstream has polluted his property and that Warren should have environmental engineers test the soil on Ashley's property as well. Warren does not tell Ashley about Lenny's suggestion. Warren manages to find a buyer for Ashley's property in Martha. It is later discovered that the property Martha bought from Ashley is also polluted. What important agent's duty has Warren failed to perform?
A) duty to indemnify
B) duty to account
C) duty to reimburse
D) duty to notify
Q:
Which of the following is an instance of misuse of confidential information?
A) An agent gives the seller the principal's name and phone number in a fully disclosed transaction.
B) A principal gives the contact details of an agent to a third-party without the agent's knowledge.
C) An agent withholds critical information from the principal about the agency.
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Q:
Which of the following is a course of action for a principal if an agent is found competing with him or her?
A) The principal can recover damages from the agent if the competition continues after the agency has ended.
B) The principal can recover profits made by the agent in the competing venture.
C) The principal has the option of buying the agent's competing venture.
D) The principal is not allowed to recover lost sales due to the agent's competing venture.
Q:
A power of attorney where a principal confers powers on an agent to act in specified matters on the principal's behalf is referred to as a(n) ________.
Q:
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Q:
An apparent agency is also known as an agency by estoppel.
Q:
The agent's actions–not the principal's–create an apparent agency.
Q:
A power of attorney gives an agent the power to sign legal documents on behalf of the principal.
Q:
An express agency contract cannot be orally agreed upon.
Q:
Which of the following is true of an apparent agency?
A) The authority of an apparent agent is implied from the conduct of the parties.
B) The third-party is not bound to the contract created by an apparent agent.
C) The principal is bound to the contracts entered into by an apparent agent.
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Q:
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Q:
Which of the following is true about a special power of attorney?
A) It is an implied form of power of attorney.
B) It limits the agent's powers to those enumerated in the agreement.
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Q:
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A) agent
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The issuer is permitted to assert a due diligence defense against the imposition of Section 11 liability.
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Q:
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Q:
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B) Section 12 of the Securities Act of 1933
C) Section 16(b) of the Securities Exchange Act of 1934
D) SEC Rule 10b5-1
Q:
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B) Robert Morgan, an employee who owns ten percent of all equity security of KYU Corp.
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Q:
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Which of the following is an example of insider trading?
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Q:
In order to be found guilty for violation of Rule 10b-5, intentional conduct (scienter) must be proven.