Contracts
A listing agreement in New Mexico is a contract between:
AThe buyer and the seller
BThe buyer and the buyer's agent
CThe seller and the listing broker✓ Correct
DThe seller and the title company
Explanation
A listing agreement is a contract between the property owner (seller) and the listing broker, authorizing the broker to market and sell the property in exchange for compensation.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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