Agency
Ratification of an agency relationship occurs when:
AThe principal formally signs an agency agreement before any action is taken
BThe principal accepts and approves an act taken on their behalf without prior authorization✓ Correct
CAn agent acts within clearly defined authority
DThe IREC approves a broker's license
Explanation
Ratification occurs when a principal approves or accepts an action taken by someone who acted on their behalf without prior authorization, creating an agency relationship after the fact.
Related Indiana Agency Questions
- An Indiana broker who negotiates property management contracts and leases without a real estate license is:
- In Indiana, which of the following would terminate an agency relationship?
- In Indiana, a disclosed dual agent must obtain:
- Which clause in a listing agreement ensures the broker will be paid if the property sells to a buyer the broker introduced after the listing expires?
- Ostensible (apparent) authority in an Indiana real estate agency occurs when:
- A listing agreement creates which type of agency relationship?
- The duty of obedience in an agency relationship means the agent must:
- Express agency is created by:
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