An Arizona 'open listing' is characterized by:
Why The seller retaining the right to sell without owing a commission and authorizing multiple brokers, with commission only owed to the broker who is the procuring cause Is Correct
Answer B: The seller retaining the right to sell without owing a commission and authorizing multiple brokers, with commission only owed to the broker who is the procuring cause
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.
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Key Terms to Know
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Math Concepts
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