Contracts
A listing agreement in Wyoming is a contract between the:
ASeller and the buyer
BSeller and the listing broker✓ Correct
CListing broker and the buyer's broker
DSeller and the MLS
Explanation
A listing agreement is an employment contract between the seller (as principal) and the listing broker (as agent). It authorizes the broker to represent the seller in marketing and selling the property and establishes the terms of compensation.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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