1. The essential elements of a contract include all of the following EXCEPT
A. Offer and Acceptance C. Consideration
B. Competent Parties D. Notarized Power of Attorney
2. An agent of an agent is best described as:
A. Subagent
B. Undisclosed dual agency
C. Special agent
D. Subagent
3. When an authorization and consent is given between an agent and their client, a special relationship of trust and confidence is established. This is known as:
A. Fiduciary relationship
B. Subagent relationship
C. Common law agency relationship
D. Designated agency relationship
4. The law that define the rights and duties of the principal and the agent is:
A. State law C. Law of limited agency
B. Law of agency D. Law of fiduciary duties
5. A third party or a non-represented consumer for whom some level of service is provided and who is entitled to fairness and honest is known as:
A. Client
B. Principal
C. Customer
D. Agent
6. The fiduciary relationship between the principal and the agent is:
A. Fiduciary
B. Client
C. Principal
D. Agency
7. An individual who hires the agent and delegates to him or her the responsibility of representing the principal’s interest is:
A. The principal
B. The client
C. The Customer
D. The agent