easy · National Real Estate Exam Agency
A principal can be held liable for the acts of an agent who had no actual authority if the principal later accepts the benefits of the agent's unauthorized act.
This is known as:
- Agency by estoppel
- Apparent authority
- Agency by ratification
- Subagency
Sign up free to see the explanation and track your rank →
More National Real Estate Exam Agency practice
- If a broker's trust account contains earnest money for ten different transactions, and…
- What is the agent's fiduciary obligation?
- An agent who has been granted the authority to perform all acts that the principal could…
- An agency relationship that is created by a principal's actions leading a third party to…
- An agent's power to bind a principal to a contract is known as their:
- If a seller instructs an agent to hide a known material defect in the property, the agent…
- A buyer's agent is aware that their client has a maximum budget of $450,000 but the agent…
- A 'Special Agency' relationship, such as a typical listing agreement, usually ends when…
All Agency questions · National Real Estate Exam study guide · National Real Estate Exam glossary · National Real Estate Exam flashcards