Agency
Agency Practice Question
Mrs. Jackson signs an open listing with three brokers. Regarding commission:
A
Must pay all three brokersB
Must pay first brokerC
Brokers split three waysD
Each broker can earn entire commissionExplanation
With an open listing, only the broker who procures the buyer earns the commission. Multiple brokers can compete, but only the successful one gets paid.
More Agency Questions
A fiduciary relationship exists between:
Which duty requires an agent to keep the principal informed of all material facts?
Dual agency occurs when:
An agent who exceeds the authority granted by the principal:
A broker who represents both the buyer and seller in the same transaction without the knowledge and consent of both parties is practicing:
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