You are a recent real estate sales licensee. You have been approached by Bob, who wishes...

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You are a recent real estate sales licensee. You havebeen approached by Bob, who wishes to purchase
a condominium for his elderly mother. He says he has authority todo so, as he has a “power of
attorney”. Explain the type of agency relationship created by apower of attorney. For Bob’s case,
discuss the legal limitations of power of attorney that he shouldbe careful of.
real estate law (subject)

Answer & Explanation Solved by verified expert

3.7 Ratings (671 Votes)

First of all we should know that e real estate licensee is person who has licence to sell property belonging to real estate it may be a house or it may be land or it may be a condominium ie flat An agency relationship is a fiduciary relationship where one person called the principal allows an agent to act on his or her behalf The agent is subject to the principals control and must consent to her instructions Agency relationships can be made through an express agreement which means that both the principal and agent agreed to the agency relationship through a written or oral agreement Agency relationships can also be made through an implied agreement The person for whom the agent is acting is the principal Parsing this definition reveals three primary elements of an agency relationship 1 consent by the See Answer

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