Agency

Flashcards about Agency in Real Estate

Power of Attorney

Authorization for Broker Owens to sign a contract of sale granted by executing a power of attorney.

General Agency

Empowers the agent to transact the principal's affairs in a certain business.

Exclusive Agency Listing

Listing that allows the owner to sell the property without being liable for a commission, but also appoints only one broker to act as sole agent.

Expiration Date in Exclusive Listings

Exclusive listings must include a definite date of expiration.

Ostensible Agency

When a third party relies upon the principal's representation that a particular broker is his/her agent, even though the broker is unaware of the fact, the principal's actions create an ostensible agency.