Under California law, all of the following are required elements of a valid exclusive listing agreement EXCEPT:
Correct Answer
B) A minimum listing price below which the broker cannot present offers
A minimum listing price below which offers cannot be presented is NOT a required element. In fact, California law requires that all offers be presented to the seller regardless of amount, unless the seller has given written instructions to the contrary. Including a provision preventing offer presentation would violate the broker's fiduciary duty.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
More Laws Of Agency Fiduciary Duties Questions
Under California law, the agency disclosure requirements apply to which types of property?
Under California law, when must a buyer's agent give the agency disclosure form to the buyer?
A broker who fails to promptly disclose their dual agency status is subject to:
A broker’s fiduciary obligation to protect a seller’s confidential information continues:
A broker has an exclusive agency listing on a property. If the owner sells the property, the broker is entitled to:
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