Agency
When a Michigan buyer's agent presents an offer on their client's behalf, the agent is exercising:
AExpress authority granted by the buyer agency agreement✓ Correct
BImplied authority from listing the property
CApparent authority established by custom
DInherent agency power derived from state law
Explanation
A buyer's agent presents offers on behalf of their client pursuant to express authority granted in the buyer agency agreement, which specifically authorizes the agent to act on the buyer's behalf in the transaction.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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