Which agency type grants the agent general power of attorney?

Study for the Aceable Agent Finance Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

In agency law, how much authority the agent has depends on the type of agency. The broadest form is universal agency, where the agent can act for the principal in almost all matters and decisions. That level of authority matches having a general power of attorney—wide-ranging power to handle most of the principal’s affairs rather than just a single task. By contrast, a special agency is limited to one specific act or transaction, general agency covers a broader scope but not everything, and a power of attorney is the actual document that creates authority, not the agency type itself. So universal agency best represents the broad, general authority described by a general power of attorney.