In what way is the power of the keys exercised in the sacrament of Penance?
It is exercised by the act of the priest judging the state or the dispositions of the sinner, and in giving him absolution and a penance; or in refusing him this absolution (XVII. 2).
Is it at the moment that the priest gives absolution, and is it by virtue of this absolution that the effect of this sacrament is produced, namely the remission of sins?
Yes; and without this absolution there would be no sacrament, nor would there be deliverance from sin (X. 1, 2; XVIII. 1).
Have priests only the power of the keys?
Only priests validly ordained according to the rite of the Catholic Church have this power (XIX. 3).
Is it sufficient for a priest to be validly ordained in order to have this power of the keys over any baptized person who wishes to receive the sacrament of Penance?
No; it is also necessary for him to be approved by the Church in order to hear confessions, and also that the person who desires the sacrament of Penance be under his jurisdiction (XX. 1-3).
Has every priest who has the power, and whose duty it is to hear confession in a certain place, the right to absolve all who present themselves before him?
Yes, unless these persons accuse themselves of sins that are reserved to a higher power; and of this he himself judges in hearing the confession of those that present themselves.
Next - The Catechism of the Summa - Tertia Pars - XL. OF THE MINISTER OF THE SACRAMENT OF PENANCE, AND OF THE POWER OF THE KEYS: OF ABSOLUTION; OF INDULGENCES; OF THE COMMUNION OF SAINTS; AND OF EXCOMMUNICATION (C)
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