ACEABLE AGENT ACTUAL TEST
QUESTIONS AND ANSWERS COMPLETE
PREPARATION GUIDE
●● express agency
Answer: created by a written or oral agreement between the principal
and the agent
●● implied agency
Answer: Implied agency means there is nothing in writing. The agency
relationship is recognized (or implied) because of the actions, conduct,
and words of either or both parties.
●● agency by ratification
Answer: A phrase to link with ratification is "after the fact." This occurs
when a broker or sales agent has done something on behalf of, but
without prior authorization of, a principal.
●● intermediary broker
Answer: A broker who is employed to negotiate a transaction between
both parties and who for that purpose may be an agent of both parties to
the transaction, acting fairly so as not to favor one party over the other.
QUESTIONS AND ANSWERS COMPLETE
PREPARATION GUIDE
●● express agency
Answer: created by a written or oral agreement between the principal
and the agent
●● implied agency
Answer: Implied agency means there is nothing in writing. The agency
relationship is recognized (or implied) because of the actions, conduct,
and words of either or both parties.
●● agency by ratification
Answer: A phrase to link with ratification is "after the fact." This occurs
when a broker or sales agent has done something on behalf of, but
without prior authorization of, a principal.
●● intermediary broker
Answer: A broker who is employed to negotiate a transaction between
both parties and who for that purpose may be an agent of both parties to
the transaction, acting fairly so as not to favor one party over the other.
