Agency
A New York broker who changes a 'listing price' on MLS without seller authorization may be:
AActing within normal broker authority
BViolating the seller's instructions and potentially breaching the listing agreement✓ Correct
CFollowing MLS requirements
DExercising discretionary authority
Explanation
Changing the listing price without seller authorization violates the seller's instructions (duty of obedience) and exceeds the broker's authority under the listing agreement. All price changes must be authorized by the seller.
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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.
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