TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Which of the following BEST describes the concept of 'agency by estoppel' as it might apply to a Tennessee auction?

An agency relationship created by a formal written contract An apparent agency relationship created when a principal's conduct leads third parties to reasonably believe an agency exists, even without formal authorization An agency relationship that can never exist in auction settings An agency created by court order

Correct Answer:

An apparent agency relationship created when a principal's conduct leads third parties to reasonably believe an agency exists, even without formal authorization

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