Contracts
In New Mexico, a listing agreement is a contract between the seller and:
AThe individual salesperson
BThe qualifying broker (brokerage)✓ Correct
CThe MLS
DThe buyer
Explanation
In New Mexico, listing agreements are contracts with the qualifying broker (brokerage entity), not with individual salespersons. The salesperson works on behalf of the broker.
People Also Study
Related New Mexico Questions
- A listing agreement in New Mexico is a contract between:Contracts
- A New Mexico listing agreement pays the broker 5% if the agent produces the buyer and 3% if another broker produces the buyer. The property sells for $420,000 through a cooperating broker. What does the listing brokerage earn?Real Estate Math
- A salesperson in New Mexico who receives an earnest money deposit must turn it over to the qualifying broker:Agency
- If a listing agent and buyer's agent split a 6% commission equally on a $350,000 sale in New Mexico, how much does each brokerage receive?Real Estate Math
- A New Mexico listing expires without a sale. The seller then sells to a buyer who the listing broker introduced during the listing period. The listing broker is entitled to a commission if the listing agreement contained a(n):Agency
- Which document establishes the scope of authority of a New Mexico real estate salesperson within a brokerage?New Mexico License Law
- A New Mexico qualifying broker who allows a salesperson to practice under an expired license is subject to:New Mexico License Law
- A New Mexico licensee's qualifying broker is retiring and closing the brokerage. The licensee must:New Mexico License Law
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.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →