Agency
What does the term 'ratification' mean in the context of Nevada agency law?
AA court confirming an agency relationship
BA principal approving and accepting an agent's previously unauthorized acts✓ Correct
CThe Nevada Real Estate Division confirming a licensee's qualifications
DA buyer accepting a counteroffer
Explanation
Ratification occurs when a principal retroactively approves and accepts the benefit of an agent's unauthorized act, thereby creating an agency relationship after the fact as if it had been originally authorized.
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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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