Agency
A broker who earns a commission by bringing about a ready, willing, and able buyer at the listed price has fulfilled their obligation under which type of listing?
ANet listing
BOpen listing
CExclusive right-to-sell listing✓ Correct
DExclusive agency listing
Explanation
Under an exclusive right-to-sell listing, the broker earns a commission regardless of who procures the buyer, including the seller themselves. The broker's duty is to procure a ready, willing, and able buyer.
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Key Terms to Know
Agency
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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