Agency
A Washington listing broker receives a written offer and verbally accepts on behalf of the seller without the seller's written authorization. This action is:
ABinding on the seller because the broker has apparent authority
BA breach of the broker's authority and not binding on the seller✓ Correct
CValid because listing brokers always have authority to accept offers
DPermissible if the offer is above the listing price
Explanation
A listing broker does not have the authority to accept an offer on behalf of the seller without specific written authorization. Acceptance of a real estate contract must be done by the principal (seller).
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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.
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.
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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