What is 'ratification' in Delaware real estate agency law?
Why A principal's approval of unauthorized acts performed by an agent, making those acts as binding as if originally authorized Is Correct
Answer B: A principal's approval of unauthorized acts performed by an agent, making those acts as binding as if originally authorized
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
People Also Study
Related Delaware Questions
- When a Delaware salesperson procures a buyer for a property listed by their own broker, what type of agency relationship exists?Agency
- When a Delaware real estate salesperson changes their employing broker, what must happen?Delaware License Law
- Under Delaware agency law, what duty requires an agent to place the client's interests above their own?Agency
- Agency by ratification occurs when:Agency
- An earnest money deposit in a Delaware real estate contract is best described as:Contracts
- Earnest money deposited in a Delaware real estate transaction must be held in:Escrow & Title
- A Delaware salesperson may advertise property in their own name WITHOUT identifying their broker. True or False?Delaware License Law
- Which fiduciary duty obligates an agent to promptly deliver all offers and information relevant to the transaction?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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
Math Concepts
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →