{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Answer_Key_Chapter_8

Answer_Key_Chapter_8 - 2004 Rockwell Publishing Company 1...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
© 2004 Rockwell Publishing Company 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Answer Key 1. D 2. A 3. D 4. B 5. C 6. B 7. B 8. C 9. B 10. D 11. D 12. A 13. A 14. A 15. B © 2004 Rockwell Publishing Company 2
Background image of page 2
Answer Key with Explanations Question #1 Answer: D Explanation: Agency law governs all relationships among agents, principals, and third parties. Question #2 Answer: A Explanation: Accepting a buyer's deposit was within the agent's scope of authority, as authorized by the seller. Therefore, the seller bears the risk of loss of the deposit. Question #3 Answer: D Explanation: A broker working for a seller has a fiduciary duty to disclose all offers to the seller, regardless of the contents of the offers. A seller's agent would have no fiduciary duty to the buyer. Question #4 Answer: B Explanation: The agent's duty to keep the principal informed is part of the fiduciary relationship. A fiduciary is held to exacting standards in disclosure and accountability because she operates in a position requiring trust and confidence.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}