A special or limited agent is authorized to act for which of the following?

A special or limited agent is specifically empowered to act on behalf of a principal for a particular task or transaction. This means that the agent's authority is restricted to the parameters defined in their agreement with the principal. In real estate, this often pertains to a single property sale, purchase, or lease rather than a range of responsibilities.

For instance, if a homeowner hires an agent to sell a single property, that agent has the authority to conduct transactions related only to that specific sale. They are not authorized to represent the homeowner in additional transactions or to manage other aspects of their business outside of that sale.

The meaning of a special or limited agency emphasizes the agent’s focused authority rather than a broad scope across multiple transactions, which would characterize a general or full agent relationship. Thus, the correct understanding reflects the nature of a limited agency in real estate, highlighting its specificity and purpose.