L&P extra

Question 1

an individual who is the “attorney in fact” under universal power of attorney, As the universal attorney, that person is empowered to make decisions for the person who gave these powers.

Answer 1

Universal Agent

Question 2

an individual who is the attorney in fact under a general power of attorney. they may make decisions for the principle in only a specific range of matters

Answer 2

General agent

Question 3

A licensee who is authorized by the employing broker to act as an agent for a specific, buyer, seller, landlord or tenant under written listing agreement. listing agreements are contracts between the principle and either the brokerage company or the employing broker. In states with two tiered licensing the salesperson would function as a sub agent. in single licensing states like Colorado, the designated agent serves the principle directly while the employing broker assumes only supervisory duties to the licensee but assumes no agency duties to principle.

Answer 3

designated agent

Question 4

represent only one party to the transaction, as opposed to duel agency. the licensee provides fiduciary duties exclusively to one party who could be the buyer, seller, landlord, or tenant

Answer 4

single agent

Question 5

The employing broker acts as the principle’s agent, the salesperson acts as an agent for the agent and performs the agency duties required under the written listing agreement

Answer 5

sub-agent

Question 6

buyer or seller who does not have a brokerage relationship. (unrepresented)

Answer 6

Customer