Agency
In West Virginia, a listing broker who co-lists a property with another broker creates which type of relationship with the cooperating broker?
ASubagency relationship
BDual agency
CCooperative listing agency✓ Correct
DTransactional brokerage
Explanation
When two brokers co-list a property together (both representing the seller), they create a cooperative listing agency. Both brokers owe fiduciary duties to the seller, and the compensation arrangement should be specified in a co-listing agreement.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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