Agency
Under Ohio agency law, 'ratification' occurs when a principal:
APre-authorizes an agent to act
BApproves an unauthorized act by the agent after the fact, making it binding✓ Correct
CRevokes the agent's authority
DTransfers authority to a sub-agent
Explanation
Ratification occurs when a principal confirms or approves an act that was done without prior authority. Once ratified, the act is binding on the principal as if it had been authorized beforehand.
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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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