What is the term for an agency created by written or oral agreement between the principal and agent?
Why Express agency Is Correct
Answer B: Express agency
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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- An agent who creates the impression of being someone's agent through conduct, even without an express agreement, has created what type of agency?Agency
- Which type of agency is created when a principal's actions lead a third party to reasonably believe an agency relationship exists?Agency
- Which type of agency relationship is created when a principal approves an act already performed without prior authorization?Agency
- When does an agency relationship typically terminate in a listing agreement?Agency
Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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