Agency
In Hawaii, an 'exclusive agency' listing differs from an 'exclusive right to sell' listing because:
AA. The seller cannot sell the property themselves under an exclusive agency
BB. Under an exclusive agency, the seller can sell the property themselves without owing the broker a commission✓ Correct
CC. An exclusive agency listing has a shorter term
DD. An exclusive agency gives the broker the right to set the selling price
Explanation
Under an exclusive agency, the broker earns a commission if the property sells through any agent, but if the seller finds their own buyer independently, no commission is owed.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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