Under Mississippi agency law, which of the following parties is considered a 'client' rather than a 'customer' in a real estate transaction?
Correct Answer
B) A seller whose home is listed under an exclusive right-to-sell agreement with a licensed broker
Under Mississippi agency law (Miss. Code Ann. §73-35-21 et seq.), a 'client' is a party who has entered into an agency relationship with a licensee, typically evidenced by a signed representation agreement. A seller who has signed an exclusive right-to-sell listing agreement with a licensed broker is the broker's client and is owed full fiduciary duties including loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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