A seller lists at $112000 and gives the broker a limited power of attorney to accept any **cash offer ≥ $108000**. The broker receives an all-cash offer of $110000. The broker
The broker may accept the offer.
Given that the seller has granted the broker a limited power of attorney to accept any cash offer equal to or greater than $108,000, the broker is authorized to accept the all-cash offer of $110,000 without needing to consult the seller.
This option is incorrect because the broker has been given the authority to accept offers within the specified range. The seller’s physical presence is not required for the broker to act under the granted power of attorney.
While it may be standard practice to inform the seller or their attorney of the offer, the broker's authority to accept the offer means that they are not obligated to forward it before taking action. The power of attorney allows the broker to proceed without waiting for further instructions.
This is the correct answer because the broker has been explicitly granted the authority to accept any cash offer that is $108,000 or greater. Since the received offer of $110,000 meets this condition, the broker is fully empowered to accept it.
This choice is incorrect as it misinterprets the powers granted. The broker's authority is limited to accepting cash offers—not to signing deeds or finalizing transactions, unless explicitly stated in the power of attorney.
The broker's authority to accept offers within a specified range provides them with the ability to act independently in this scenario. By receiving an all-cash offer of $110,000, which exceeds the minimum threshold set by the seller, the broker can accept the offer without awaiting further instructions. This legal empowerment is crucial in real estate transactions, ensuring timely actions can be taken to secure favorable deals for sellers.
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