Agency
If a North Dakota licensee inadvertently creates an agency relationship through their actions, this is known as:
AExpress agency
BImplied agency✓ Correct
CStatutory agency
DDesignated agency
Explanation
Implied agency arises from the conduct and actions of the parties rather than from a written or verbal agreement. Licensees must be careful not to inadvertently create agency through their behavior.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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