Agency
The principal-agent relationship in Wyoming real estate is created by:
AAutomatic operation of law when a buyer attends an open house
BA written or oral agreement between the agent and client establishing the representation✓ Correct
CFiling a notice with the WREC
DPayment of a commission
Explanation
Agency is created by agreement (written or oral, express or implied) between the principal (client) and agent. A written agency agreement is preferred for clarity and compliance.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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