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level: Real Estate Brokerage and Law of Agency

Questions and Answers List

level questions: Real Estate Brokerage and Law of Agency

Question	Answer
relationship between a client and a broker	Agency
agency created by a specific agreement	Express Agency
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.	Implied Agency
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	Agency by Ratification
a broker who negotiates a contract between two parties that are both being represented by that broker	Intermediary Broker
a sales agent license holder who was designated to work with a client during an intermediary transaction	Appointed License Holder
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	Special Agency
a person who acts on behalf of someone else	Agent
a document filled out by the seller concerning any defects in the improvements on the property	Seller’s Disclosure Notice
a license holder from one office who represents the seller through cooperation with the listing broker of another company	Subagent
any fact that is significant or essential to the transaction	Material Fact
a responsibility to act in the best interest of your client — the highest standard	Fiduciary Duties
a misstatement made intentionally to deceive	Fraud