Agency
What is a unilateral listing versus a bilateral listing agreement in Nevada?
AThey are legally equivalent
BA unilateral listing (open listing) binds only the seller; a bilateral listing (exclusive right to sell) binds both broker and seller to mutual obligations✓ Correct
CA unilateral listing is used for commercial properties only
DA bilateral listing is not valid in Nevada
Explanation
An open listing is unilateral — the seller promises to pay a commission only to the agent who produces a buyer. An exclusive right to sell listing is bilateral — both the seller and broker make enforceable promises.
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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.
Math Concepts
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