Agency
What is 'agency by estoppel' in Kansas real estate?
AAn agency created by a written agreement
BAn agency created when a principal's conduct causes a third party to reasonably believe an agency exists, and the principal is then estopped from denying it✓ Correct
CAn agency that has been revoked by the principal
DA type of limited agency for transaction brokers
Explanation
Agency by estoppel arises when a principal acts in a way that leads a third party to reasonably believe an agency relationship exists. The principal is then prevented (estopped) from denying the agency to avoid liability.
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- In Kansas, which type of agency relationship allows a licensee to represent both buyer and seller in the same transaction with written consent?Agency
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- In Kansas, which document creates an agency relationship between a buyer and licensee?Agency
- Which of the following would terminate an agency relationship in Kansas?Agency
- In Kansas, what is the 'designated agency' relationship?Kansas License Law
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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