What type of agent is known as a universal agent?

A universal agent is characterized by their ability to act on behalf of a principal in all matters, not just in a limited capacity. This type of agent possesses broad authority to engage in various transactions and make decisions across different aspects of the principal's affairs. They can perform any act that the principal could do themselves, making them highly versatile and capable of handling various situations that may arise.

In contrast, agents who are limited to specific tasks are bound by the parameters set by the principal, and their authority is restricted to designated activities or functions. Agents executing specific contracts are typically tasked with fulfilling particular agreements and do not have the sweeping authority that a universal agent possesses. Lastly, while agents with brokerage contracts do have specific roles in facilitating real estate transactions, their authority does not extend to all matters related to the principal's interests like a universal agent would. Thus, the defining feature of a universal agent is their capacity to act comprehensively in a variety of situations.