What type of agreement is used to establish the agency relationship between a broker and a client in Guam?

A Listing Agreement is the correct choice for establishing the agency relationship between a broker and a client in Guam. This type of agreement specifies the terms under which a broker is authorized to act on behalf of the client in transactions involving the sale or lease of real estate. It establishes the broker’s fiduciary duty to the client, outlining the rights and responsibilities of both parties throughout the engagement.

A Listing Agreement typically includes critical details such as the commission structure, duration of the agreement, and the specifics of the property being sold or leased. This contract formalizes the relationship and sets clear expectations for both the broker and the client, ensuring that the broker can represent the client effectively in the real estate market.

Other agreements, such as a Buyer Agreement, would establish an agency relationship between a broker and a buyer, focusing specifically on the buyer's needs and representation. An Exclusive Agency Agreement is often used when the seller grants a broker exclusive rights to sell a property but retains the ability to sell it themselves without owing a commission. A Service Agreement generally pertains to general services rather than specific real estate transactions. This context highlights how a Listing Agreement is uniquely suited for client-broker relationships in real estate transactions in Guam.