Tip of the Month - April 2008


Source: Property Management & Managing Risk
                             Robert C. Kyle & Floyd M. Baird

An Agent is either a general agent or a special agent, depending on the scope of the Agent’s authority.  A general agent can act on behalf of the principal on a range of matters and can obligate the principal to any contracts signed by the agent that are within the scope of that agent’s duties.  On the other hand, a special agent is only authorized to represent the principal on a specific matter or transaction. Once that transaction is concluded, the agency is terminated.  A special agent has no authority to sign any contracts on behalf of the principal.  A Property Manager is usually a general agent, because of the variety of tasks to be performed.

Return to prior page

This web page was updated on 03/29/2008.