Which of the Following Statements Is/are True in Relation to the Authority

question 2

Multiple Choice

Which of the following statements is/are true in relation to the authority of real estate agents in New South Wales to participate in the contract of sale?

• A)Agents may enter into a contract of sale and participate in an exchange if they have express approval of the principal or the principal's legal representative.
• B)A principal who does not give an agent express authority to exchange contracts may be legally bound by the contract that was exchanged by an agent with implied authority.
• C)Agents do not have statutory authority to exchange contracts.Their authority in this area is based on the common law.
• D)All of the above.
• E)A and B only.

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Definitions:

Real Exchange Rate

The price of a country's goods and services compared to those of another country, adjusted for inflation.

Trade Restriction

Measures implemented by governments to control the amount of trade across their borders including tariffs, quotas, and bans.

Net Capital Outflow

The net balance resulting from domestic residents buying foreign assets and foreigners buying domestic assets.

Real Interest Rate

The interest rate adjusted for inflation, indicating the real profit of an investment or the real cost of borrowing.