ACEABLE AGENT ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● fiduciary
Answer: individual upon whom is placed the highest levels of trust and
confidence when acting on behalf of another; specific fiduciary duties
include obedience, loyalty, confidentiality, accountability, and
reasonable care
●● agency relationship
Answer: a fiduciary relationship created wherein one party (the client)
authorizes another party (the agent) to represent their best interests and
that second p[arty (the agent) accepts the responsibility given to them
●● principal
Answer: client of a broker in an agency relationship; the parties to a
contract in a real estate transaction
also, the amount borrowed in a loan from which interest is accrued
●● client
, Answer: someone who has entered an agency relationship with a license
holder
●● customer
Answer: an individual with whom a license holder has no agency
relationship nor fiduciary duties but to whom fairness and honesty are
still required
●● third party
Answer: from a license holder's perspective, any person involved in a
real estate transaction other than the client
●● special agency
Answer: a form of agency relationship in which agents are limited in
scope and are only authorized to perform acts permitted by their
principal (broker - client)
●● special agent
Answer: an agent whose authority to act on behalf of the principal is
limited to a specific act or objective
●● general agency
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● fiduciary
Answer: individual upon whom is placed the highest levels of trust and
confidence when acting on behalf of another; specific fiduciary duties
include obedience, loyalty, confidentiality, accountability, and
reasonable care
●● agency relationship
Answer: a fiduciary relationship created wherein one party (the client)
authorizes another party (the agent) to represent their best interests and
that second p[arty (the agent) accepts the responsibility given to them
●● principal
Answer: client of a broker in an agency relationship; the parties to a
contract in a real estate transaction
also, the amount borrowed in a loan from which interest is accrued
●● client
, Answer: someone who has entered an agency relationship with a license
holder
●● customer
Answer: an individual with whom a license holder has no agency
relationship nor fiduciary duties but to whom fairness and honesty are
still required
●● third party
Answer: from a license holder's perspective, any person involved in a
real estate transaction other than the client
●● special agency
Answer: a form of agency relationship in which agents are limited in
scope and are only authorized to perform acts permitted by their
principal (broker - client)
●● special agent
Answer: an agent whose authority to act on behalf of the principal is
limited to a specific act or objective
●● general agency
