Agency- GA Real Estate Questions and Answers 100% Correct

Fiduciary Relationship is one that "implies" trust and confidence Gratuitous Agency An Agent may agree to work for no compensation Universal Agent Authorized to perform "any" act the principal could perform General Agent Authorized to bind the principal in the ongoing conduct of a "particular business." Special "Limited" Agent Appointed for a "particular purpose" or to act on a particular occasion. Agent is a broker Actual Agency The parties to the agreement have entered into the relationship intentionally in writing or oral Ostensible Agency A "3rd parties" relies on the principal expressed or implied representation that a particular person is his/her agent, even though no such agreement ever existed Implied Agency Arise when a broker showing property to a prospective buyer by words and actions cause the buyer to feel the brok