Michigan License Law
In Michigan, a 'pocket listing' (selling a property without MLS exposure) may raise concerns about:
AExceeding the allowable commission rate
BA licensee's fiduciary duty to obtain the best price for the seller✓ Correct
CViolating LARA's licensing requirements
DExceeding the maximum listing period
Explanation
Pocket listings may not expose the property to the widest possible market, potentially resulting in a lower sale price. This can raise questions about whether the licensee is fulfilling fiduciary duties to the seller.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Math Concepts
State-Specific Concepts
License Law
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