TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

What is the difference between 'actual authority' and 'apparent authority' of an auctioneer?

There is no difference Actual authority is expressly granted by the principal in the contract; apparent authority is perceived by third parties based on the principal's conduct Actual authority only applies to real estate auctions Apparent authority is always greater than actual authority

Correct Answer:

Actual authority is expressly granted by the principal in the contract; apparent authority is perceived by third parties based on the principal's conduct

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