Riley Reed manages a 40-unit apartment building for the owner, hires repair vendors, collects rents, and handles routine leasing within the authority granted. What type of agent is Riley Reed?
Correct Answer
D) General agent
General agent is correct because the facts match an agent authorized to handle a broad range of ongoing acts for the principal within a particular area of activity. That is the best description of the relationship, right, or legal concept tested here.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
More General Principles Of Agency Questions
A listing agreement creates an agency relationship between:
A property management agreement between an owner and a property manager typically specifies which of the following?
What is 'designated agency' in the context of a real estate brokerage?
A real estate team receives a referral from a past client. The team leader assigns the referral to a team member. The team member shows the buyer several properties. Who is the buyer's agent?
A buyer's agent compensation can be structured as:
- → A commercial tenant is negotiating a five-year lease for retail space. The tenant hires a tenant representative broker to negotiate lease terms on the tenant's behalf. What agency relationship exists between the tenant and the tenant representative?
- → A property manager signs a lease on behalf of the property owner. The management agreement authorizes the manager to execute leases for terms up to one year. The manager signs a three-year lease with a commercial tenant. What is the likely consequence?
- → A property manager discovers that a rental unit has a significant mold problem. The manager repairs the visible mold but does not inform the property owner about the extent of the damage or the potential liability. Has the property manager violated any agency duty?
- → The minimum requirement for real estate professional advertising is:
- → Extravagant sales claims to attract buyers represent:
- → Licensed agents must ensure:
- → Real estate commissions are typically based on:
- → The document defining the broker-seller relationship is:
- → An agent with complete legal authority to act for a principal in all matters is a:
- → Under the new rules, how can a buyer's agent be compensated?
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Previous Question
Casey Patel is hired only to find a ready, willing, and able buyer for Morgan Flores's duplex. Casey Patel does not manage all of Morgan Flores's affairs. What type of agent is Casey Patel?
Next Question
Riley Reed leaves the country and gives Avery Ward broad power of attorney to handle nearly all financial and property matters on Riley Reed's behalf. What type of agent is Avery Ward?