Agency
What does it mean when a listing agent is said to have an 'exclusive' agency relationship with the seller?
AThe seller cannot sell the property themselves
BThe broker has the sole right to market the property but the owner may sell it themselves without paying commission✓ Correct
CNo other broker can show the property
DThe broker guarantees the property will sell
Explanation
In an exclusive agency listing, the broker has the exclusive right to market the property, but the owner retains the right to find a buyer themselves and owe no commission if they do so.
Related Arkansas Agency Questions
- A transaction broker in Arkansas:
- Under Arkansas law, an agent must disclose to a buyer that they have a personal financial interest in a transaction. This is required by the duty of:
- When a salesperson acts as a dual agent, which of the following statements is TRUE?
- The agency relationship between a listing broker and seller is typically created by:
- A seller's agent receives two offers simultaneously. The agent's duty of disclosure requires them to:
- Which of the following would MOST likely terminate an agency relationship?
- A seller's agent who also acts as a mortgage loan originator for the same buyer in the same transaction would most likely violate:
- A buyer's agent discovers that their buyer-client has a maximum budget of $300,000 but the seller is asking $280,000. Under buyer agency, the agent should:
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