When a court restricts the authority of a personal representative with only limited authority, the personal representative will be unable to do the following without court involvement:
Sell estate real property
Exchange estate real property
Grant an option to purchase estate real property
Borrow money by using estate real property as collateral
Aside from these limitations, the personal representative will still be able to take all other actions that are allowed under the rules of the IAEA. Court supervision is required over the administration of the estate.
On the other hand, when the court has granted a personal representative “Full Authority,” the personal representative will be able to take any action that is permitted under the IAEA. This includes selling, exchanging, and borrowing against real property owned by the estate. It also includes the ability to grant an option to purchase real property. These type of actions can be taken at the personal representative’s discretion, without the need for court supervision.