Sellers with an existing buyer approach a licensee to create a contract. After a salesperson explains the services to be provided, the sellers sign a listing agreement with the salesperson's realty company and broker. The salesperson also signs the listing form. As a result, an agency relationship is established between or among the

While the salesperson does interact with the sellers and explains the services, it is the broker who officially establishes the agency relationship through the signed listing agreement. The salesperson acts as an agent of the broker rather than directly entering into an agency relationship with the sellers.

There is no agency relationship established between the buyer, the salesperson, and the sellers at this stage because the question focuses solely on the relationship created by the listing agreement. The buyer is not mentioned as a party to this agreement, and thus does not have an agency relationship with any of the other parties.

The salesperson does have a relationship with the broker as they are working under the broker's authority, but this is not the agency relationship established through the listing agreement with the sellers. The agency relationship specifically pertains to the representation of the sellers by the broker.