Agency
Under Maine's agency disclosure requirements, when a listing agent first meets a potential buyer, the agent represents:
AThe buyer
BThe seller✓ Correct
CBoth parties equally
DNo party until a written agreement is signed
Explanation
A listing agent represents the seller. Maine requires agents to disclose their agency relationships clearly so buyers understand that a listing agent is working in the seller's interest.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
Disclosure Requirements
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