What is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing in Delaware?
Why In an exclusive right to sell, the broker earns commission regardless of who sells the property; in an exclusive agency, the owner may sell themselves without paying the broker Is Correct
Answer B: In an exclusive right to sell, the broker earns commission regardless of who sells the property; in an exclusive agency, the owner may sell themselves without paying the broker
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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