Lesson 7 Questions With Verified Answers

The law of agency can best be summed up as: Rules that apply when one person is acting for another An agent obtained permission to show a FSBO property (for sale by owner). The prospective buyer loved the property and made an offer, which the agent presented to the owner. When the transaction closed, the FSBO owner paid a brokerage commission. Did the agent and the seller have an agency relationship in this case? Yes, but only if they entered into a listing contract XYZ Realty has the exclusive right to represent a new subdivision. An agent working for the subdivision office, and named on the listing agreement, shows a property to the Meyers, who are not working with their own agent. When the Meyers decide to buy, they have XYZ's agent provide basic help in filling out an offer form. Which of the following is true? The buyers are not represented by an agent