What is a 'power of attorney' (POA) in Delaware real estate transactions?
Why A legal document authorizing one person (the attorney-in-fact) to act on behalf of another (the principal) in real estate transactions Is Correct
Answer B: A legal document authorizing one person (the attorney-in-fact) to act on behalf of another (the principal) in real estate transactions
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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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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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