Agency
In South Carolina, 'implied agency' is created by:
AA written representation agreement
BThe conduct and actions of the parties suggesting an agency relationship even without a formal agreement✓ Correct
CSCREC's assignment of an agent to a client
DThe broker's advertisement listing the agent's services
Explanation
Implied agency arises from the conduct and circumstances of the parties. If an agent acts on behalf of a buyer (showing homes, writing offers) without a formal agreement, an implied agency relationship may be created, potentially creating unintended obligations.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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