Agency
An agent who has authority to act for a principal as granted by a written agency agreement has:
AImplied authority
BExpress authority✓ Correct
CApparent authority
DEmergency authority
Explanation
Express authority is authority specifically granted in a written or oral agreement. In real estate, a written listing agreement grants the broker express authority to market the property.
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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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