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Agency and Fiduciary Duties, 17% of the examination

General agent

An agent with ongoing authority across a continuing series of transactions within a defined scope.

A property manager is the standard example. A special agent is engaged for one specific transaction, which is what a listing agent normally is. A universal agent may act in all matters and is usually created by a power of attorney.

See also

Fiduciary dutyThe duty of trust and confidence an agent owes a principal.

See it in a question

One question from Agency and Fiduciary Duties, so the term lands in the context the exam uses it in.

Agency and Fiduciary Duties ยท 17%Disclosure of Agency

A listing agent learns at an open house that an unrepresented buyer will pay well above asking. What does the agent owe each party?

Written to DRE's published topic list. Not a real examination question, since reproducing those is a misdemeanour under B&P Code section 123.

Where this is tested

Laws of Agency and Fiduciary DutiesWho you represent, when that duty begins, and what you owe someone you do not represent. California runs its own disclosure regime and permits dual agency with consent, which is where borrowed national study material fails.17%Practise Agency and Fiduciary Duties34 questions on this area, every option explained.Practice

Other terms in this area