Agency
A Georgia real estate agent's authority is typically limited to the authority granted in the:
AState constitution
BListing or buyer brokerage agreement✓ Correct
CGREC regulations
DReal estate license itself
Explanation
A real estate agent's authority is defined by the agency agreement (listing agreement or buyer brokerage agreement). The agent may act only within the scope of the authority granted by the principal.
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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.
State-Specific Concepts
GREC Regulation
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