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Agency Relationship: Definition, Principles & Problems

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Leigh hires Jennifer to be her real estate representative. Jennifer will help Leigh find a house to buy and has the authority to place bids for Leigh after Leigh decides to make an offer. In this scenario, Leigh is the:

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1. Leigh hires Jennifer to be her real estate representative. Jennifer will help Leigh find a house to buy and has the authority to place bids for Leigh after Leigh decides to make an offer. In this scenario, Jennifer is the:

2. Leigh hires Jennifer to be her real estate representative. Jennifer will help Leigh find a house to buy and has the authority to place bids for Leigh after Leigh decides to make an offer. Leigh and Jennifer have a written contract. What is this an example of?

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About This Quiz & Worksheet

This quiz/worksheet combo will check your ability to understand the different types of agency relationships. In order to pass the quiz, you must recognize each type of relationship based on various scenarios.

Quiz and Worksheet Goals

In these assessments, you'll be tested on:

  • The term used for the person who hires a representative and gives them authority to act on their behalf
  • The term for the hired person granted authority to act on the individual's or business' behalf
  • The term used when two parties have a written contract within an agency relationship
  • The term used to describe a situation where one party acts for the other without a prior agreement
  • The term that applies when one party acts for another but is not officially hired

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Reading comprehension - ensure that you draw the most important information regarding agency relationships and agreements
  • Distinguishing differences - compare and contract topics from the lesson, such as express agreement and implied agreement
  • Defining key concepts - ensure that you can accurately define main phrases, such as ratified and estoppel

Additional Learning

To learn more about this business-related topic, review the accompanying lesson called Agency Relationship: Definition, Principles & Problems. This lesson covers the following objectives:

  • Define the two main parties in an agency relationship
  • Explain what an agency relationship is
  • Detail the two types of agreements in an agency relationship
  • Discuss when an agent has and does not have authority to act for a business or individual
  • Provide examples to illustrate the types of agency relationships
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