Agency
In West Virginia, a principal-agent relationship in real estate is most commonly created through:
AAn oral agreement between the parties
BA written listing agreement or buyer representation agreement✓ Correct
CThe broker's license with the WVREC
DA verbal showing appointment
Explanation
While agency can theoretically be created orally, real estate agency relationships are most commonly (and most properly) created through written agreements — a listing agreement creates seller agency, and a buyer representation agreement creates buyer agency.
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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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