Agency
In Mississippi, an express agency agreement must be:
AVerbal to be enforceable
BIn writing, signed by the parties, to be fully enforceable✓ Correct
CApproved by MREC before the agent can begin working
DFiled with the county chancery clerk
Explanation
An express agency agreement is one that is explicitly created. For enforceability—particularly for buyer representation agreements and listing agreements—it should be in writing and signed by both parties.
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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.
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