IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Which of the following is an example of 'apparent authority' in an auction context?

Authority explicitly granted in the auction contract Authority implied by the customs of the auction profession A third party reasonably believes the auctioneer has authority based on the principal's conduct Authority granted only in emergency situations

Correct Answer:

A third party reasonably believes the auctioneer has authority based on the principal's conduct

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