Discuss Real Estate Licensing Maryland-Real-Estate-Salesperson Exam Topic 14 Question 13

What's the purpose of a listing agreement in Maryland?

ATo bind the seller to one agent

BTo guarantee a sale

CTo guarantee payment for the listing agent

DTo specify the agreement between the listing broker and the seller

Suggested Answer: D

Comprehensive and Detailed Explanation From Exact Extract of Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course:

A listing agreement is a legally binding contract between a seller and a licensed real estate broker that establishes the broker's authority to market the property and represent the seller's interests in finding a ready, willing, and able buyer.

It outlines the terms of representation, including price, commission, duration, and the duties of both parties.

The agreement does not guarantee a sale; rather, it ensures mutual understanding of responsibilities and compensation should a sale occur.

This principle is covered in the Listing Agreements and Buyer Representation module.

Reference (Maryland Source):

-- Maryland 60-Hour Principles and Practices Course, Listing Agreements and Brokerage Contracts section.

-- Business Occupations and Professions Article 17-534.

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24 comments · newest first

Fatima 2 days ago

Exactly, D is the best choice for clarity.

Ruthann 7 days ago

C is misleading. Payment isn't guaranteed without a sale.

Garry 12 days ago

B seems too optimistic. No guarantees in sales!

Daniel 18 days ago

Definitely D. It covers all aspects of the relationship.

Anabel 23 days ago

I feel like A could be right too, but D is more comprehensive.

Vesta 28 days ago

Agreed, D makes the most sense.

Fatima 1 month ago

I think it's D. It clearly outlines the agreement.

Truman 1 month ago

Exactly, D is comprehensive and clear.

Adelina 1 month ago

Right, it's all about the relationship between broker and seller.

Gail 2 months ago

C is off. Payment isn't guaranteed just by the agreement.

Becky 2 months ago

B is misleading. No guarantees in real estate!

Lindsey 2 months ago

D is definitely the right choice. It covers everything.

Rozella 2 months ago

A sounds good too, but it's more about the agreement.

Truman 2 months ago

Agreed, D makes the most sense.

Adelina 2 months ago

I think it's D. It clearly outlines the agreement.

Ardella 3 months ago

It's definitely not about guaranteeing payment, that's for sure!

Viva 3 months ago

Really? I didn't know it was just about the agreement.

Olga 3 months ago

Wait, I thought it guaranteed a sale?

Larae 3 months ago

Totally agree, option D is the right one!

Rebeca 3 months ago

It's mainly to specify the agreement between the broker and seller.

Pedro 4 months ago

I practiced a similar question and I think it was about specifying terms, which makes me think D is correct.

Jerry 5 months ago

I’m really uncertain about this one. I feel like it might also involve payment, but I can't recall the specifics.

Bernardo 5 months ago

I remember something about how it binds the seller to one agent, but I’m not sure if that’s the main purpose.

Rolland 5 months ago

I think the listing agreement is mainly about defining the relationship between the seller and the agent, so I’m leaning towards D.

Real Estate Licensing Maryland-Real-Estate-Salesperson Exam - Topic 14 Question 13 Discussion