Which agency type grants very broad power of attorney to the agent?

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!

Understanding agency types shows how much power an agent has to act for the principal. Universal agency is the widest authority—the agent can handle almost everything the principal could do, making decisions, signing contracts, managing finances, and acting in almost all matters unless there are explicit limits. This is why it’s described as having very broad power of attorney. In contrast, general agency covers a broad range of tasks but within a specific area or business, while special or limited agency restricts the agent to a single task or transaction. So, when the question asks for the broadest grant of power, universal agency is the correct concept.