Agency
What is 'general agency' versus 'special agency' and which type do real estate agents typically have?
AThey are the same; real estate agents have both
BA general agent has broad authority to act for the principal in a range of matters; a special agent has limited authority for specific acts. Real estate agents typically have special (limited) agency✓ Correct
CGeneral agency is for buyers; special agency is for sellers
DGeneral agents may bind their principals to contracts; special agents may not under any circumstances
Explanation
Real estate agents are typically special agents — authorized to perform specific tasks (market a property, find a buyer) but not to bind the principal to contracts without specific authority. A property manager may be a general agent with broader authority.
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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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