Agency
Which type of agency is created when an agent acts on behalf of a principal without explicit authorization, but the principal later approves the action?
AExpress agency
BImplied agency
CRatification✓ Correct
DOstensible agency
Explanation
Ratification occurs when a principal approves an unauthorized act performed by an agent after the fact. The ratification makes the act as binding as if it had been originally authorized.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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