Agency
In Indiana, the listing agreement creates an agency relationship between the:
ABuyer and the listing broker
BSeller and the listing broker✓ Correct
CBuyer and the cooperating broker
DSeller and the MLS
Explanation
A listing agreement is a contract between the seller (principal) and the listing broker (agent), authorizing the broker to market the property and act on the seller's behalf.
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- A listing agreement creates which type of agency relationship?Agency
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- The standard Indiana listing contract is the exclusive right-to-sell agreement. Under this agreement, the listing broker earns a commission if the property is sold:Indiana License Law
- A principal may terminate an agency relationship at any time. However, doing so before the agency term expires may result in:Agency
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- An agency relationship in Indiana is most commonly created by:Agency
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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.
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