Agency
A Tennessee affiliate broker's authority to bind the principal broker in contracts is called:
AApparent authority
BExpress or implied authority granted by the principal broker✓ Correct
CRatified authority
DStatutory authority
Explanation
An affiliate broker's authority to act on behalf of and bind the principal broker comes from the express or implied authority granted by the principal broker. Apparent authority arises from what a third party reasonably believes the agent's authority to be.
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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.
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.
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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