In Alabama, a written brokerage agreement that creates an agency relationship between a broker and seller is called a:
Why Listing agreement Is Correct
Answer B: Listing agreement
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Related Alabama Questions
- In Alabama, a listing agreement is a contract between:Contracts
- In Alabama, which type of agency relationship is created when a broker represents both buyer and seller with written consent?Agency
- An agent accidentally creates an agency through their conduct without a written agreement. This is called:Agency
- In Alabama, which document formally establishes a buyer agency relationship?Agency
- An Alabama buyer makes an offer on a home. The listing agent immediately responds that the seller is interested but wants $5,000 more. No written counteroffer is signed. Is there a binding contract?Contracts
- When does an agency relationship typically terminate in Alabama?Agency
- An Alabama real estate broker must keep a copy of every listing and purchase contract for a minimum of:Alabama License Law
- When must an Alabama broker provide a written agency disclosure to a prospective client?Alabama License Law
Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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