Oregon Real Estate | Agency - Master Deck
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
A legal relationship in which Agency
one person (agent) represents
another (principal) in dealings
with third parties.
A special relationship of trust, Fiduciary Relationship
confidence, and responsibility.
A person who employs an Principal (Client)
agent to represent them in
legal or business dealings.
A person authorized to Agent
represent a principal in
dealings with third parties.
A person with whom the agent Third Party (Customer)
deals on behalf of the
principal.
A licensee who works under a Independent Contractor (Real Estate)
broker but is paid by
performance, pays their own
expenses, and is not treated
as an employee.
, An agent with the broadest Universal Agent
authority who may perform all
lawful acts for the principal,
often including signing
contracts.
An agent authorized to General Agent
conduct a series of ongoing
transactions for a principal.
An agent with limited authority Special Agent
to conduct a single
transaction, such as a broker
hired to sell property.
Agency created by oral or Express Agency
written agreement between
principal and agent.
Agency created when a Agency by Ratification
principal accepts and
approves an act performed on
their behalf without prior
authority.
Agency authority created in Agency by Necessity
an emergency to protect the
principal's interests.
Agency created by statute or Agency by Law
legal requirement.
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
A legal relationship in which Agency
one person (agent) represents
another (principal) in dealings
with third parties.
A special relationship of trust, Fiduciary Relationship
confidence, and responsibility.
A person who employs an Principal (Client)
agent to represent them in
legal or business dealings.
A person authorized to Agent
represent a principal in
dealings with third parties.
A person with whom the agent Third Party (Customer)
deals on behalf of the
principal.
A licensee who works under a Independent Contractor (Real Estate)
broker but is paid by
performance, pays their own
expenses, and is not treated
as an employee.
, An agent with the broadest Universal Agent
authority who may perform all
lawful acts for the principal,
often including signing
contracts.
An agent authorized to General Agent
conduct a series of ongoing
transactions for a principal.
An agent with limited authority Special Agent
to conduct a single
transaction, such as a broker
hired to sell property.
Agency created by oral or Express Agency
written agreement between
principal and agent.
Agency created when a Agency by Ratification
principal accepts and
approves an act performed on
their behalf without prior
authority.
Agency authority created in Agency by Necessity
an emergency to protect the
principal's interests.
Agency created by statute or Agency by Law
legal requirement.
