Knowledge Focus: Agency Relationships
Agency Relationships
The following are types of agency relationships:
• A universal agent is a person empowered through a signed power of attorney to do anything the principal could do personally.
• A general agent may represent the principal in a broad range of matters related to a business or activity. There is usually an ongoing
aspect to this type of agency, such as a property management function.
• A special agent is authorized to represent the principal in one specific act or business transaction only, under detailed instructions. A real estate broker is usually a special agent.
• A designated agent is a person authorized by the broker to act as the agent of a specific principal.
