This real estate exam prep video continues our discussion on Agency in real estate transactions. This video specifically talks about the different classifications of Agency. In this real estate exam prep video, the following key real estate terms are discussed:

Special Agency – Agency classification that’s for one specific act, and the agent has limited time, purpose and limited authority in representing their client.
Limited Buyers Agency –
Limited Sellers Agency –
Dual Agency –
Subagency – A specific classification of agency that requires the limited buyers agent to represent the seller in a real estate transaction.
General Agency – Authorized by the principal to transact all affiars for the client.
Universal Agency (a.k.a. Common Law Agency) – Typically established by a Power of Attorney, the agent is authorized to perform any act that’s lawful for the client.
Implied Agency (a.k.a. Agency by Estoppel, Ostensible Agency) – An Agency Relationship created by the conduct or actions of the of the principal and agent.
Agency by Ratification –

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

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