Agency
Under Delaware law, what is a 'listing agreement' and what are the essential elements?
AA verbal understanding between agent and seller about marketing the property
BA written contract between a property owner and a licensed broker authorizing the broker to find a buyer, specifying the listing price, duration, broker's compensation, and terms✓ Correct
CA government registration of a property for sale with the state
DAn MLS entry form submitted to the multiple listing service
Explanation
A listing agreement is a written employment contract between a property owner and a broker. Essential elements include: authorization to market and sell the property, listing price, listing period (start and end dates), broker's compensation terms, property description, and signatures of all parties. Delaware requires listing agreements to be in writing.
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