Agency
Under NJ law, an agent's authority to bind the principal (seller) is created by:
AA verbal promise from the seller
BThe written listing agreement✓ Correct
CThe MLS entry
DThe buyer's offer
Explanation
In NJ, the listing agreement is the written contract that creates the agency relationship and defines the agent's authority to act on behalf of the seller. Verbal listings are not enforceable for commission purposes.
Related New Jersey Agency Questions
- An open listing allows the seller to:
- A listing agent in New Jersey is showing a property to an unrepresented buyer. The agent should:
- Which of the following best describes ostensible agency?
- The New Jersey Consumer Information Statement (CIS) must be provided to a prospective buyer or seller:
- A NJ buyer's agent has a duty to negotiate in the buyer's best interest. This duty is called:
- In New Jersey, a 'single agency' arrangement means:
- A cooperating broker in a MLS transaction typically acts as a:
- A buyer's agent in NJ owes which of the following fiduciary duties to the buyer?
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