Check Your Understanding Answers
- What is the definition of agency?
A relationship established between a principal and a real estate agent
- What do we call a relationship in which one party places special trust, confidence, and reliance in another?
Fiduciary relationship
- Real estate brokerage is based on what kind of agency?
Special agency
- Under what circumstances would a client be responsible for misrepresentation committed by his or her real estate agent?
If the client actually knew of the misrepresentation
