SEARCH
You are in browse mode. You must login to use MEMORY

   Log in to start

level: Real Estate Brokerage and Law of Agency

Questions and Answers List

level questions: Real Estate Brokerage and Law of Agency

QuestionAnswer
relationship between a client and a brokerAgency
agency created by a specific agreementExpress 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 factAgency by Ratification
a broker who negotiates a contract between two parties that are both being represented by that brokerIntermediary Broker
a sales agent license holder who was designated to work with a client during an intermediary transactionAppointed 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 objectiveSpecial Agency
a person who acts on behalf of someone elseAgent
a document filled out by the seller concerning any defects in the improvements on the propertySeller’s Disclosure Notice
a license holder from one office who represents the seller through cooperation with the listing broker of another companySubagent
any fact that is significant or essential to the transactionMaterial Fact
a responsibility to act in the best interest of your client — the highest standardFiduciary Duties
a misstatement made intentionally to deceiveFraud