Agency

Question 1

Universal Agency

Answer 1

• Represent in all matters

- Can contract for principal

Question 2

General Agency

Answer 2

• Represent in business matters

- Agent can contract for principal

Question 3

Special Agency

Answer 3

• Represent in single business transaction

- Normally agent cannot contract for principal

Question 4

Designated Agent

Answer 4

one or more licensees designated by the employing broker with the consent of the principal to act exclusively as agent(s) on behalf of the principal to the exclusion of all other licensees within the broker’s employ