Oregon Real Estate Lecture 12 :
Introduction to Agency, Creation of
Agency Relationships & Termination of
Agency Relationships Exam | Questions
with 100% Correct Answers | Verified |
Latest Update 2026/2027
Save
Terms in this set (57)
principal, agent, third party Name the 3 parties to an agency
relationship
principal Client to an agency relationship. This
person employs the agent to represent
him in legal or business dealings with
others.
agent Any person employed by a principal to
represent the principal in business and
legal dealings with third parties.
, universal agent This type of agent has the broadest
authority that can be given. They are
authorized to perform all acts that can
lawfully be delegated to a representative,
including the power to sign contracts and
other documents for their principal
relating to all his personal and business
matters. This type of agent is one who is
generally authorized to perform all
phases of real estate activity due to a
court order or a power of attorney. The
person acts as an attorney in fact.
general agent A real estate property manager, or real
estate broker who is hired and authorized
by a principal to represent the principal
in a specific range of matters. This person
is going to have an ongoing relationship
with the principal.
special agent Real estate broker/principal broker hired
by seller/buyer to sell/find a property.
This is generally a one-time relationship.
This is an agent who has limited authority
to conduct a single transaction for a
principal. Their authority is confined to a
particular, specific task.
Introduction to Agency, Creation of
Agency Relationships & Termination of
Agency Relationships Exam | Questions
with 100% Correct Answers | Verified |
Latest Update 2026/2027
Save
Terms in this set (57)
principal, agent, third party Name the 3 parties to an agency
relationship
principal Client to an agency relationship. This
person employs the agent to represent
him in legal or business dealings with
others.
agent Any person employed by a principal to
represent the principal in business and
legal dealings with third parties.
, universal agent This type of agent has the broadest
authority that can be given. They are
authorized to perform all acts that can
lawfully be delegated to a representative,
including the power to sign contracts and
other documents for their principal
relating to all his personal and business
matters. This type of agent is one who is
generally authorized to perform all
phases of real estate activity due to a
court order or a power of attorney. The
person acts as an attorney in fact.
general agent A real estate property manager, or real
estate broker who is hired and authorized
by a principal to represent the principal
in a specific range of matters. This person
is going to have an ongoing relationship
with the principal.
special agent Real estate broker/principal broker hired
by seller/buyer to sell/find a property.
This is generally a one-time relationship.
This is an agent who has limited authority
to conduct a single transaction for a
principal. Their authority is confined to a
particular, specific task.
