Agency
In Pennsylvania, a listing agreement is a contract between:
AThe real estate broker and the buyer seeking to purchase the property
BThe seller (principal) and the listing broker (agent) authorizing the broker to market the property and procure a buyer✓ Correct
CThe salesperson and the MLS, granting MLS access to the listing
DThe seller and PREC, registering the property for sale in Pennsylvania
Explanation
A listing agreement is a written employment contract between the property owner (seller/principal) and the listing broker (agent) in which the seller authorizes the broker to market and sell the property and agrees to pay a commission if the broker procures a ready, willing, and able buyer. Pennsylvania listing agreements must be in writing and signed by all owners of 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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