Aceable Agent - Level 4: Real Estate Brokerage and Law of Agency With Complete Solutions!

Agency - ANSWERSRelationship between a client and a broker Express Agency - ANSWERSAgency created by a specific agreement Implied Agency - ANSWERSCreated 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 - ANSWERSCreated 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 - ANSWERSA broker who negotiates a contract between two parties that are both being represented by that broker Appointed License Holder - ANSWERSA sales agent license holder who was designated to work with a client during an intermediary transaction Special Agency - ANSWERSThe 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 - ANSWERSA person who acts on behalf of someone else Seller's Disclosure Notice - ANSWERSA document filled out by the seller concerning any defects in the improvements on the property Subagent - ANSWERSA license holder from one office who represents the seller through cooperation with the listing broker of another company Material Fact - ANSWERSAny fact that is significant or essential to the transaction Fiduciary Duties - ANSWERSA responsibility to act in the best interest of your client — the highest standard Fraud - ANS