Before you read
Test yourself first: 5 questions
Question 1 of 5
A property management agreement creates which type of agency relationship between the owner and the property manager?
Answer: A. A property manager is typically a general agent because the management agreement authorizes a continuous range of acts (leasing, collecting rent, maintenance) on the owner's behalf, unlike a special agent who handles one transaction.
Question 2 of 5
A general agent (such as a property manager) differs from a special agent because the general agent:
Answer: A. A general agent handles a range of continuing tasks (e.g., a property manager), while a special agent is hired for one specific transaction (e.g., a listing agent).
Question 3 of 5
A 'special agent' in real estate typically:
Answer: A. A special agent handles a single, specific task; a general agent (like a property manager) handles ongoing matters.
Question 4 of 5
If a property sits in a FEMA-designated flood zone, a buyer with a federally backed loan generally must:
Answer: A. Federally backed loans on property in a Special Flood Hazard Area require flood insurance.
Question 5 of 5
The cost approach to value is generally considered MOST reliable when appraising which type of property?
Answer: A. The cost approach is most reliable for new or special-purpose properties where few comparable sales exist and depreciation is minimal, such as schools, churches, and libraries.
Keep the streak going with more questions like these, each with a full rationale.
What you need to know
A UNIVERSAL agent can do almost anything the principal could do, created by an unlimited power of attorney — rare in real estate. A GENERAL agent handles a range of ongoing business: the classic example is a property manager, and a salesperson is a general agent OF THEIR BROKER. A SPECIAL agent is hired for one transaction with limited authority — the listing broker selling a home is the textbook case: they can market the property but cannot sign the contract for the seller. Exam cue: match property manager → general, listing broker → special.
Universal, General & Special Agency: FAQs
Is Universal, General & Special Agency on the real estate exam?
Yes. Agency & Fiduciary Duties is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
