What type of agent is authorized to perform a single act under agency law?

Enhance your knowledge for the Gold Coast Real Estate Test. Study effectively with diverse question formats, detailed explanations, and hints. Prepare confidently!

A special agent is authorized to perform a single act or a specific task on behalf of a principal. This type of agent has limited authority, usually confined to a particular transaction or duty, rather than ongoing responsibilities. For example, a real estate agent hired to sell a specific property acts as a special agent for the seller, meaning their authority is limited to that sale. Once the task is completed, the agency relationship typically ends.

In contrast, a general agent has broader authority and can handle multiple transactions or ongoing responsibilities for the principal, such as a property manager who oversees all aspects of managing a property. A universal agent possesses extensive authority and can act on behalf of the principal in all matters, which is much more comprehensive than the role of a special agent. A designated agent, often found in real estate practices, represents a specific party within a transaction but does not operate under the limited scope characteristic of a special agent.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy