Agency
Agency Practice Question
Seller Sally lists her property with Agent Fred and receives an offer. Agent Fred convinces Seller Sally to accept the offer by verbally promising her he will find her an ideal replacement home before the close of escrow. Agent Fred is unable to find an acceptable replacement home for Seller Sally before the close of escrow. Which of the following is most correct?
A
Seller Sally can recover damages against Agent Fred in a civil lawsuit as a result of her reliance on his false promise.B
Seller Sally has no legal recourse against the Agent Fred since the promise wasn’t in writing.C
Seller Sally may cancel the sale of her home without liability.D
Seller Sally can bring a criminal action against Agent Fred for fraud.Explanation
Escrow closes when all conditions are met and documents are recorded.
More Agency Questions
A fiduciary relationship exists between:
Which duty requires an agent to keep the principal informed of all material facts?
Dual agency occurs when:
An agent who exceeds the authority granted by the principal:
A broker who represents both the buyer and seller in the same transaction without the knowledge and consent of both parties is practicing:
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