Agency
In Vermont, which document formally establishes a seller's agency relationship with a listing broker?
AProperty disclosure form
BListing agreement✓ Correct
CPurchase and sale agreement
DAgency disclosure notice
Explanation
A listing agreement is the contract between the seller and broker that creates the agency relationship, authorizing the broker to market the property and outlining compensation and duties.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Disclosure Requirements
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