Contracts
In Maryland, a listing agreement is primarily a contract between:
AThe buyer and the seller
BThe seller and the broker✓ Correct
CThe buyer and the broker
DThe broker and the MLS
Explanation
A listing agreement is a contract between the seller (principal) and the broker (agent), authorizing the broker to market and sell 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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