What essential element is necessary between a broker and a principal when dealing with the title, right, or interest in real property?

Understand the Problem

The question is asking about the essential element required to establish a relationship between a broker and a principal when dealing with real property. It seeks clarity on the legal necessities involved in this context.

More Information

Under the statute of frauds, any agreement involving real estate transactions must be in writing to be enforceable. This written contract of employment is essential between a broker and principal.

Tips

A common mistake is assuming that the establishment of commission rights is sufficient. However, a written contract is legally necessary.

Sources

• Quizlet Flashcards - quizlet.com