Marlon intends to sell a piece of real estate he owns and contracts Nita, a real estate broker, to make the sale. In the contract, Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed. The contract also stipulates that Marlon will not hire another broker to sell that piece of land until the contract period expires. Nita finds a suitable buyer, makes the sale in time, and is paid by Marlon for her services. What kind of contract existed between Marlon and Nita?

Question

Quizplus · Accepted Answer

The contract between Marlon and Nita is an exclusive agency contract because Marlon authorizes Nita to sell the property but agrees not to hire any other broker to sell it during the same contract period. This type of contract is commonly used in real estate transactions.

Marlon Intends to Sell a Piece of Real Estate He