Property Management
A Washington property manager executes a commercial lease on behalf of a property owner. The manager does not have a written power of attorney or specific written authorization from the owner. This lease may be:
AFully binding on the owner because property managers always have implied authority to execute leases
BVoidable by the owner if the manager exceeded their authority✓ Correct
CBinding only on the tenant, not the owner
DVoid because only attorneys can execute commercial leases
Explanation
A property manager's authority is defined by their management agreement. If the management agreement does not authorize executing long-term commercial leases, the manager has acted outside their authority.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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