NCh4 Levels Of Agency

Question 1

What is a person with power of attorney called?

Answer 1

Attorney-in-fact

Question 2

The first level of agency, giving the agent the authority to represent his client in all matters, both business and personal, basically the equivalent of having unlimited power of attorney, which is very rare in real estate is called. . .

Answer 2

Universal agency

Question 3

The second level of agency, giving the agent the power to bind his principle in a particular trade or business, such as an owner and property manager, or broker and sales agent is called

Answer 3

General agency

Question 4

The third level of agency gives the agent, the power to perform only specific acts, and no others, and the agent does not have the power to bind his client or principal (agent to client)

Answer 4

Special or limited agency

Question 5

What is the preferred method of creating agency?

Answer 5

A written agreement

Question 6

Listings, buyers representation agreement, property management agreements, are all written agreements, are what type of contracts?

Answer 6

Employment contracts

Question 7

A buyers representation employs a broker to act as a fiduciary to whom?

Answer 7

The Buyer

Question 8

A listing agreement employs the broker to act as a fiduciary to whom?

Answer 8

The seller

Question 9

A management agreement employs a broker/property manager to act as a fiduciary to whom?

Answer 9

The owner

Question 10

What type of agency relationships do buyer representation agreement and listing agreements create?

Answer 10

Special agency relationships

Question 11

What type of agency relationships do management agreement create?

Answer 11

General agency relationships

Question 12

What type of agency relationship is created between an independent contractor and a broker?

Answer 12

General agency relationship