Agency
In Kansas, what is a 'listing agreement' and what does it create?
AA contract to purchase the property
BAn employment contract between a seller and broker that authorizes the broker to market and sell the property✓ Correct
CA lease agreement for the listed property
DA title insurance commitment
Explanation
A listing agreement is an employment contract between a property owner and a real estate broker, authorizing the broker to represent the seller in marketing and selling the property in exchange for a commission.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
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