Which of the following is NOT a type of authority an agent may have?

Limited authority is indeed not recognized as a formal type of authority that an agent can possess in the context of agency law. Instead, the primary types of authority are express authority, implied authority, and apparent authority.

Express authority refers to the specific powers granted to an agent, explicitly outlined in a written or verbal agreement. This is the most straightforward type of authority, as it clearly defines what the agent is permitted to do on behalf of the principal.

Implied authority arises from the actions or necessities of the agent's duties. When a principal assigns tasks to an agent, certain actions that are not explicitly stated may be understood as necessary to fulfill the agent's role effectively. For example, if an agent is authorized to sell a product, they may also have the implied authority to negotiate the terms of the sale.

Apparent authority relates to the perception of third parties regarding the agent's power. If a principal acts in a way that makes it seem like an agent has the authority to act on their behalf, third parties may rely on that perception even if the agent does not have express or implied authority.

Since limited authority does not fit into these recognized categories, it is the correct answer in this context.