A written agreement between a broker and a client regarding duties and payment is known as what?

The term that describes a written agreement between a broker and a client regarding duties and payment is known as an agency agreement. This type of agreement is critical in establishing the relationship between the broker and the client, including the responsibilities the broker has towards the client and the payment structure.

In an agency agreement, the broker acts on behalf of the client, which creates a fiduciary relationship. This relationship entails various obligations, such as loyalty, disclosure, and accounting, ensuring that the broker represents the client's best interests throughout the real estate transaction process.

While other terms may be associated with various agreements in real estate, they do not specifically emphasize the fiduciary aspect that is at the core of an agency relationship. For example, a contractual agreement could refer broadly to any arrangement where parties agree to certain terms but does not inherently imply the fiduciary obligations that an agency agreement includes. A service agreement could also broadly imply a range of services without clearly defining the broker-client relationship, and a listing agreement specifically pertains to the agreement between a seller and broker for the sale of property. However, the agency agreement encompasses the wider responsibilities and duties expected from a broker under the law, making it the most accurate choice for this question.