Agency
In Tennessee, the term 'principal' in an agency relationship refers to:
AThe principal broker supervising the transaction
BThe person (client) who authorizes the agent to act on their behalf✓ Correct
CThe lead buyer in a group purchase
DThe largest financial contributor to the purchase
Explanation
In agency law, the 'principal' is the party who authorizes the agent to act on their behalf. In real estate, the seller or buyer (client) is the principal and the agent acts on their behalf.
Related Tennessee Agency Questions
- In Tennessee, a licensee who provides property management services without a written management agreement may be:
- A Tennessee licensee's duty to 'disclose' requires disclosure of:
- A Tennessee licensee's duty of 'loyalty' means they must place the client's interests:
- In Tennessee, the duty of confidentiality to a client means the broker may NOT disclose:
- Which of the following best describes the concept of 'vicarious liability' in real estate agency?
- A licensee who represents a buyer while receiving compensation from the seller without disclosure is:
- An agency relationship is generally terminated by all of the following EXCEPT:
- A Tennessee broker who represents both the buyer and seller in the same transaction without disclosure and written consent is guilty of:
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