Contracts
An exclusive agency listing in Kentucky differs from an exclusive right to sell because:
AMultiple brokers can market the property simultaneously
BThe seller can sell the property themselves without owing the broker a commission✓ Correct
CThe broker earns no commission under any circumstances
DThe listing expires automatically after 30 days
Explanation
An exclusive agency listing allows the seller to sell the property themselves without owing a commission, but if any broker (including the listing broker) sells it, a 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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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