Agency
In NC, an 'express agency' is created by:
AThe conduct of the parties
BA written or verbal agreement explicitly establishing an agency relationship✓ Correct
CThe payment of a commission
DThe signing of a closing document
Explanation
Express agency is created through an explicit agreement — written (listing agreement, buyer agency agreement) or verbal — that specifically establishes the agency relationship.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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