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Business Law 3.02: Agency Law
Test Description: Business Law 3.02: Agency Law
Instructions: Answer all questions to get your test result.
1) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, what type of trust does Harold expect of Fred?
A
Fiduciary
B
Consensual
C
Apparent
D
Actual
2) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, who is the agent?
A
Fred
B
Bryan
C
Harold
D
Nancy
3) Which duty expects employers to properly maintain a healthy work environment?
A
Reasonable Treatment
B
Accounting
C
Reasonable Skill
D
Obedience
4) Jack asked Tammy to sell his car while he was on vacation. Tammy agreed to become Jack's agent. They had a voluntary, consensual relationship. Tammy DID NOT receive pay for the service. What type of Agent is Tammy?
A
Agent’s agent
B
Gratuitous agent
C
Special agent
D
General agent
5) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, what type of agency exists?
A
Partially Disclosed
B
Gratuitous
C
Binding
D
Master
6) Jack asked Tammy to sell his car while he was on vacation. Tammy agreed to become Jack's agent. They had a voluntary, consensual relationship. Tammy DID NOT receive pay for the service. What term identifies Jack?
A
Special
B
Agency
C
Agent
D
Principal
7) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, what type of authority does Fred owe Harold?
A
Fiduciary
B
Actual
C
Good
D
Consensual
8) Troy is identified as Mary’s agent by circumstance and created by law. Which term is used to describe Troy in this situation?
A
Agency by estoppel
B
Independent contracting
C
Ratification
D
Negligent hiring
9) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, who is the third party?
A
Bryan
B
Harold
C
Fred
D
Nancy
10) Fred represented Harold in a real estate transaction when Harold sold his property to Nancy. In SCENARIO 3.02B, who is the principal?
A
Fred
B
Nancy
C
Harold
D
Bryan
*select an answer for all questions
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