Agency
What is 'express authority' in a Delaware real estate agency?
AAuthority given directly, either orally or in writing, through a specific agreement✓ Correct
BAuthority implied by the custom of the business
CAuthority granted automatically when a licensee shows a property
DAuthority that expressly includes commission terms
Explanation
Express authority is authority directly granted to the agent by the principal, either orally or in writing. In real estate, express authority is typically established through the listing agreement or buyer representation agreement.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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