The Term Apparent Authority Is Used When There Is: ______

question 9

Multiple Choice

The term apparent authority is used when there is: ______.

• A) no interaction between the principal and third persons.
• B) actual authority.
• C) only the appearance of authority and that appearance of authority was created by the principal.
• D) only the appearance of authority and that appearance of authority was created by the agent.

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Definitions:

Acquired

The process in which one company obtains a majority stake in or the entirety of another company.

Donation

A gift given by physical or legal persons, typically for charitable purposes and/or to benefit a cause.

Fair Market Value

The price at which property would sell between a willing buyer and a willing seller, each having reasonable knowledge of all relevant facts and not under any compulsion to transact.

Appraised Value

The estimated monetary value of an asset determined by a professional appraiser at a specific point in time.