Agency
An 'exclusive right to sell' listing in Michigan means:
AThe seller may sell the property themselves without paying a commission
BThe broker earns a commission if the property sells during the listing period, regardless of who found the buyer✓ Correct
CThe broker has the exclusive right to refuse offers
DThe broker may not cooperate with other brokers
Explanation
An exclusive right to sell listing entitles the listing broker to a commission if the property sells during the listing period, regardless of who procures the buyer—even if the seller finds the buyer themselves.
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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.
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.
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.
Math Concepts
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