A licensee and an owner sign an exclusive right-to-sell listing agreement. Which of the following has been created by the signing of this agreement?

While a general agency relationship can exist in real estate, it is not specifically created by an exclusive right-to-sell listing agreement. Instead, this type of agency allows the agent to perform a wide range of acts on behalf of the principal. However, the fiduciary duty is a more precise description of the obligations incurred through such an agreement.

An obligation to sell is not inherently created by the agreement; instead, the agent is granted the exclusive right to represent the seller in finding a buyer, but there is no guarantee that the property will be sold. The seller retains the right to not complete a sale if they choose.

A universal agency involves a broader scope of authority than what is established in an exclusive right-to-sell listing agreement. It grants the agent the power to act on behalf of the principal in all matters, which is not the case with a listing agreement that is specifically limited to selling the property.