When a licensee lists a property, the obligations and duties the agent assumes are based on:

When a licensee lists a property, the obligations and duties the agent assumes are fundamentally grounded in contract law. This legal framework dictates the terms of the agreement between the seller and the agent, outlining each party's rights and responsibilities. Upon entering into a listing agreement, the agent creates a binding contract that governs how they will represent the seller in the transaction.

This includes duties such as fiduciary responsibilities, which require the agent to act in the best interests of the seller, disclose material facts about the property, and facilitate the negotiation of offers. The agent's conduct and level of care are expected to conform to the terms established in this contract, ensuring both legal compliance and protection of the client's interests.

The other options, while relevant in broader legal contexts, do not specifically relate to the foundation of the duties assumed by a licensee in a property listing scenario. Tort law, for instance, deals with civil wrongs and damages rather than the contractual obligations of agents. The law of negligence focuses on failing to act with reasonable care, which may arise in agency but does not address the core responsibilities derived from the listing agreement. Lastly, the law of damages refers to remedies available for breaches of law or contract but is not the basis for the agents' duties themselves