Agency
An exclusive agency listing differs from an exclusive right-to-sell in that:
ANo commission is ever owed
BThe seller can find their own buyer and owe no commission✓ Correct
CMultiple brokers can market the property
DThe commission rate is always lower
Explanation
In an exclusive agency listing, the broker earns a commission if they or any other broker finds the buyer, but the seller retains the right to sell the property themselves without owing a commission.
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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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