A closing-file reviewer in Concord is answering a client question about seller agency, listing agreements, and subagency. Which statement best applies under current North Carolina law?
Correct Answer
C) A listing agreement establishes the broker's representation of the seller and should address duties, term, and compensation.
A listing agreement establishes the broker's representation of the seller and should address duties, term, and compensation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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