Agency
Which of the following is the best example of an implied agency being created in Mississippi?
AA buyer signs a written buyer representation agreement
BA seller signs a listing agreement with a broker
CA licensee begins negotiating on a buyer's behalf without a written agreement after the buyer relies on the licensee's advice✓ Correct
DA broker assigns a designated agent to represent a buyer
Explanation
Implied agency arises from the conduct of the parties rather than an express agreement. If a licensee acts as though representing a buyer and the buyer relies on that representation, an implied agency relationship may be created even without a written contract.
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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.
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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