Agency
A Tennessee listing agreement that describes the property incorrectly could result in:
AAn automatic extension of the listing period
BA dispute about what was listed and potentially an unenforceable agreement for the incorrectly described property✓ Correct
CTREC taking emergency action
DThe listing automatically transferring to a new broker
Explanation
An incorrect property description in a listing agreement can create legal issues — including disputes about whether the agreement covers the actual property. Accurate property identification is essential to a valid and enforceable listing agreement.
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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.
State-Specific Concepts
TREC Regulation
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