Agency
In Virginia, a listing agreement grants the broker which type of authority?
AUniversal agency
BSpecial agency — limited to selling the specific property✓ Correct
CGeneral agency — broad authority for all real estate matters
DIrrevocable agency
Explanation
A listing agreement creates a special agency relationship, limited in scope to the specific property and purpose (marketing and selling). The broker cannot bind the seller to a contract without the seller's approval.
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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.
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.
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.
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