Agency
What is 'express agency' in Idaho real estate and how is it typically created?
AAgency created through very fast action
BAn agency relationship expressly created by written or oral agreement — typically through a signed listing agreement or buyer representation agreement✓ Correct
CAgency created by government appointment
DAgency that expires automatically after 30 days
Explanation
Express agency is created by explicit agreement between principal and agent. In Idaho, express agency is most often created through: a listing agreement (seller's agent), a buyer representation agreement (buyer's agent), or a property management agreement.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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