Agency
In NC, when the listing agreement expires, the broker's agency relationship with the seller:
AContinues indefinitely
BTerminates, though the duty of confidentiality survives✓ Correct
CConverts to a buyer agency relationship
DConverts to a transaction broker relationship
Explanation
When a listing agreement expires, the agency relationship ends. However, the broker's duty of confidentiality regarding information learned during the representation survives termination of the agency.
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- The agency relationship between a listing broker and seller in North Carolina is created by:Agency
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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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