Agency
In Arizona, an agent's authority to bind their principal in negotiations is called:
AExpress authority given in the listing agreement or buyer representation agreement✓ Correct
BApparent authority implied by the agent's actions
CImplied authority to take any action needed to complete the transaction
DAgency authority that exceeds the principal's instructions
Explanation
Express authority is explicitly granted to the agent by the principal in the agency agreement (listing agreement or buyer representation agreement), defining what the agent is authorized to do on the principal's behalf.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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