Agency
Which of the following best describes 'ratification' of an agency relationship?
AThe agent terminates the agency
BThe principal approves an act performed without prior authorization✓ Correct
CThe agent acts beyond their authority with the client's knowledge
DThe broker registers an agent with the Division of Real Estate
Explanation
Ratification occurs when a principal accepts or approves an act that was performed by an agent without prior authorization. Once ratified, the act is binding on the principal as if it had been authorized from the start.
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