Agency
Under Missouri law, a listing agreement with a seller is a contract between:
AThe seller and the individual salesperson
BThe seller and the brokerage firm✓ Correct
CThe seller and MREC
DThe seller and the buyer
Explanation
Listing agreements in Missouri are contracts between the property owner (seller) and the brokerage firm, not the individual salesperson. The salesperson acts on behalf of the brokerage.
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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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