Marcus Hill signs with one brokerage but keeps the right to locate a buyer personally without owing a commission if no broker caused the sale. What listing type is this?
Correct Answer
B) Exclusive agency listing
Exclusive agency listing is correct because the facts match a listing agreement under which one broker is authorized to represent the seller, but the seller can avoid paying a commission by personally finding the buyer. That is the best description of the relationship, right, or legal concept tested here.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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.
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A listing agreement creates an agency relationship between:
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