Michael, acting under a power of attorney for his elderly mother, signs a real estate purchase agreement in California to sell her home in Pasadena for $850,000. For the contract to be enforceable under California law, which requirement must the power of attorney meet?
Correct Answer
D) The power of attorney must be notarized and contain specific authority to sell real property
Under California Probate Code §4121-4128, a power of attorney authorizing the sale of real property must be notarized and should grant specific authority to convey real estate. A general power of attorney may not be sufficient for real property transactions unless it specifically includes that authority.
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Under California Business and Professions Code §10145 and Commissioner's Regulation 2832, by when must a broker deposit a buyer's personal check received as an earnest money deposit into the broker's trust account?