Agency
What is the primary legal document that establishes the agency relationship between a seller and their real estate broker?
AThe Transfer Disclosure Statement
BThe listing agreement✓ Correct
CThe purchase contract
DThe escrow instructions
Explanation
The listing agreement is the employment contract between the seller and broker that establishes the agency relationship, grants the broker authority to market the property, and specifies compensation. It is the foundational document of the seller-broker agency.
Related California Agency Questions
- An agent who represents only the seller is obligated to disclose to the buyer which of the following?
- The 'duty of obedience' requires a real estate agent to follow all lawful instructions of the principal. Which instruction would an agent be JUSTIFIED in refusing?
- A seller's agent learns that the seller is in financial distress and must sell quickly. What must the agent do with this information?
- Which fiduciary duty requires an agent to keep the principal's confidential information secret even after the agency relationship ends?
- When does an agency relationship typically terminate?
- A cooperating broker who finds a buyer for another broker's listing, and acts as the subagent of the seller, owes fiduciary duties to:
- After a listing expires, a former listing agent who contacts the seller directly to negotiate a new listing must:
- An exclusive agency listing differs from an exclusive right-to-sell listing because:
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