Agency
Universal agent
An agent authorized to act for the principal in all matters
The broadest of the three levels of agency and rare in real estate practice, because it is created by a general power of attorney rather than by a listing. The agent may do essentially anything the principal could do.
Easily confused with
A general agent handles a continuing series of transactions inside one area of the principal’s affairs. A special agent handles one transaction and stops.
How the exam asks about it
The ladder runs universal, general, special. A property manager is a general agent for that property; a listing broker is a special agent for one transaction.
Quick check: Universal agent
One question. Pick an answer to see the explanation.
Which term is being defined: “An agent authorized to act for the principal in all matters”?
Related terms
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