Chapter 2: Agency Law

An exclusive agency listing is a type of listing agreement where the seller only pays a commission to the listing broker if the broker finds a buyer for the property. If the seller finds a buyer independently, no commission is owed to the broker. This differs from an exclusive right to sell agreement where the broker is entitled to a commission regardless of who finds the buyer.

The correct answer is A. The creation or existence of a compensation agreement alone does not automatically establish an agency relationship between the giver of compensation and the recipient. An agency relationship requires more than just the exchange of compensation.

The correct answer is D. A policy and procedures manual is essential for maintaining ethical standards, ensuring compliance with regulations, and setting clear guidelines for all real estate activities within the brokerage.

Paris is the capital city of France, known for its iconic landmarks such as the Eiffel Tower and Louvre Museum.

Paris is the capital city of France, not London, Berlin, or Rome.

The correct answer is Paris, which is the capital city of France known for its iconic landmarks such as the Eiffel Tower.

The correct spelling of the word is 'synonymous', which means having a similar or equivalent meaning.

The correct spelling of the word is 'asdf', not 'asda', 'asds', or 'asfd'.

Paris is the capital city of France and is known for its iconic landmarks such as the Eiffel Tower and Louvre Museum.

The question 'asda' has the correct answer 'sdasd'. The incorrect answers provided are random and not related to the question.

The correct spelling of the word 'asda' is 'sdasd'. The other options are incorrect spellings and do not match the given question.

The question 'asdasd' has a correct answer of 'asd'. The incorrect answers provided are distractors that do not align with the question.

The correct answer to the question 'asd' is 'asd'.

Paris is the capital of France, not London, Berlin, or Rome.