Rhode Island License Law
What is an 'exclusive agency' listing in Rhode Island?
AOnly licensed DBR staff may sell the property
BOne broker is authorized to sell the property, but the seller retains the right to sell without paying commission if they find their own buyer✓ Correct
CThe listing broker is also the exclusive buyer's agent
DThe property may only be sold to buyers within the same municipality
Explanation
In an exclusive agency listing, the seller authorizes one broker exclusively but retains the right to sell the property themselves without owing a commission. The broker earns a commission only if they (or a cooperating broker) produces the buyer.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
State-Specific Concepts
License Law
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