Agency
Which document in North Carolina establishes the seller's agency relationship and authorizes the broker to market the property?
AThe buyer agency agreement
BThe listing agreement✓ Correct
CThe Working with Real Estate Agents disclosure
DThe offer to purchase
Explanation
The listing agreement is the contract between the seller and the listing broker that establishes the seller agency relationship and authorizes the broker to market the property.
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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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