In NC, when the listing agreement expires, the broker's agency relationship with the seller:
Why Terminates, though the duty of confidentiality survives Is Correct
Answer B: Terminates, though the duty of confidentiality survives
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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- The agency relationship between a listing broker and seller in North Carolina is created by:Agency
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- Under NC law, an agency relationship created through the conduct of the parties (rather than a written agreement) is called:Agency
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Key Terms to Know
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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