2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/209797We prove that the classes of graph algebras, Exel-Laca algebras, and ultragraph algebras coincide up to Morita equivalence. This result answers the long-standing open question of whether every Exel-Laca algebra is Morita equivalent to a graph algebra. Given an ultragraph G we construct a directed graph E such that C*(G) is isomorphic to a full corner of C*(E). As applications, we characterize real rank zero for ultragraph algebras and describe quotients of ultragraph algebras by gauge-invariant ideals.29 pages, 1 figure; Version 2 Comments: Minor changes and a few small typos correctedOperator Algebras46L55text