What term describes a real estate agent who has been given power of attorney for an unlimited range of legal matters?

Prepare for the North Carolina Broker Reciprocal Exam. Sharpen your skills with flashcards and multiple-choice questions. Each question offers explanations to ensure clarity and understanding. Get ready to excel!

The term that describes a real estate agent who has been given power of attorney for an unlimited range of legal matters is "Universal Agent." A universal agent has broad authority and can act on behalf of the principal in a wide variety of situations, encompassing nearly all matters that the principal could address themselves. This agent acts in a capacity that allows them to make decisions and perform actions without constant oversight or specific limitations related to certain transactions.

In contrast, a general agent typically has authority to act in a specific context or for a particular business or activity, such as managing a property, but would not have the extensive powers of a universal agent. A special agent is authorized to act on behalf of a principal in a specific transaction, such as representing the seller in a property sale, and their authority is limited to that specific task. A limited agent, similar to a special agent, is restricted in terms of the scope of authority or the particular actions they can undertake.

Understanding these distinctions helps clarify the nature of the agent's authority and the scope of their responsibilities in the realm of real estate and beyond.

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