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?
Correct Answer
A) Universal agent
Universal agent is correct because the facts match an agent with broad authority to act for the principal in almost all matters, usually created by a comprehensive power of attorney. 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
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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- → 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?
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Previous Question
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?
Next Question
Avery Ward signs a listing agreement with Jamie Cruz. In the resulting sale, whose interests does the listing brokerage primarily represent?