Agency
The principal in an agency relationship is also known as the:
ASubagent
BClient (the person who hires the agent and on whose behalf the agent acts)✓ Correct
CTransacting party
DCooperating broker
Explanation
The principal is the person who hires and authorizes the agent to act on their behalf. In real estate, the principal is the client — typically the seller in a listing, the buyer in a buyer representation, or a landlord in a property management.
Related Arkansas Agency Questions
- A subagent in a real estate transaction owes primary fiduciary duties to:
- In an Arkansas real estate transaction, the agent who represents the seller is typically called the:
- A seller's agent who also acts as a mortgage loan originator for the same buyer in the same transaction would most likely violate:
- When a salesperson acts as a dual agent, which of the following statements is TRUE?
- Negligent misrepresentation differs from fraudulent misrepresentation in that it involves:
- Under Arkansas law, a real estate licensee must provide an agency disclosure to prospective clients:
- An agent's duty of CARE requires the agent to:
- Which type of listing gives the broker the right to a commission regardless of who sells the property, even if the owner sells it themselves?
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