Agency
In Missouri, a listing agreement that creates an agency relationship between the seller and broker must contain:
AOnly the listing price
BA definite termination date, identified parties, property description, and commission terms✓ Correct
COnly the broker's license number
DOnly the MLS number
Explanation
A valid Missouri listing agreement must identify the parties, describe the property, state the listing price, specify the commission terms, and include a definite termination date.
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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.
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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