Illinois Real Estate Exam Practice Question
A seller has listed a home with a broker for $112,000. the seller is leaving for a 45 day cruise midway through the listing period, and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. the broker
Correct Answer: C
Rationale: The broker may accept the offer because the seller granted a limited power of attorney, allowing the broker to accept offers of $108,000 or more while the seller is away. This authority is clear and valid within the specified terms.
Option A is incorrect; the broker is authorized to act on the seller's behalf during the absence. Option B is not necessary, as the broker has the authority to accept the offer directly rather than forwarding it to the seller's attorney. Option D is wrong because signing a deed of conveyance requires explicit authority beyond accepting an offer, which is not covered by the limited power of attorney.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now