IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

What is the difference between 'express authority' and 'implied authority' in the auctioneer-seller relationship?

Express authority is oral while implied authority is written Express authority is specifically stated in the contract while implied authority arises from custom and necessity Express authority applies to real estate while implied authority applies to personal property There is no difference; they are the same concept

Correct Answer:

Express authority is specifically stated in the contract while implied authority arises from custom and necessity

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