Aceable Agent Real Estate Brokerage and Law of Agency Exam Well Answered Graded A+ 2024.

Agency - Answer Relationship between a client and a broker Express Agency - Answer Agency created by a specific agreement Implied Agency - Answer Created when an agent is given permission to act on behalf a client through conduct or communication, but the permission is not established orally or in writing. Does not have to be an action, but can be a statement that leads the principal to believe that the license holder is their agent. Agency by Ratification - Answer Created when a license holder acts on behalf of but without prior authorization of a principal and that principal accepts the license holder's action after the fact Intermediary Broker - Answer A broker who negotiates a contract between two parties that are both being represented by that broker Appointed License Holder - Answer A sales agent license holder who was designated to work with a client during an intermediary transaction Special Agency - Answer The relationship between a broker and a principal wherein the broker has restricted authority to act on behalf of the principal to achieve one specific objective Agent - Answer A person who acts on behalf of someone else Seller's Disclosure Notice - Answer A document filled out by the seller concerning any defects in the improvements on the property