In a typical agency relationship, a real estate broker is considered a:

Study for the Arizona Real Estate Exam. Boost your knowledge with flashcards and multiple choice questions with explanations. Be exam-ready with our comprehensive review!

In a typical agency relationship, a real estate broker is considered a special agent. This designation is significant in that it defines the scope of authority that the broker has in relation to their client, usually the seller or buyer in a real estate transaction. A special agent is authorized to perform a specific task or represent the principal in a particular transaction, but does not have broad powers over the principal's affairs.

In the context of real estate, this means that the broker is engaged to handle the sale or purchase of real estate but does not have authority to act in other capacities or handle other matters for the client outside that specific transaction. This is crucial in understanding the limits of the broker's role and the responsibilities they bear towards their client.

While other types of agency, such as implied, ostensible, and general agents do exist, they encompass different levels of authority and responsibilities. Implied agents act when a principal's actions suggest that they are in a relationship with the agent without a formal agreement. Ostensible agents have the appearance of authority because of the principal’s representations to third parties. General agents, on the other hand, have broader authority to act on behalf of the principal in a variety of matters, which exceeds the specific task-focused authority of a

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy