Chapter 2: Agency Relationships - Law
Of Agency – Champions Questions And
Answers With Verified Solutions Already
Passed!!!
Authority of Agent - ANSWER✔✔ 1. Agency by Actual Authority
2. Ostensible Agency
3. Agency by Ratification
4. Agency by Estoppel
5. Agency Coupled with an Interest
Agency by Actual Authority - ANSWER✔✔ exists when an individual grants
express authority to the agent to perform some act
Oral or Written
Actual Written: Listing Agreement
Actual Oral: unwritten buyer representation agreement
Ostensible Agency - ANSWER✔✔ actions lead another person to assume that one
is an agent
Agency by Ratification - ANSWER✔✔ Established when an agent acts without
prior authorization and the principal accepts it
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