If Carol finds her own buyer while under an exclusive agency listing agreement, what is her obligation to Mardee?

In the scenario where Carol finds her own buyer while under an exclusive agency listing agreement, her obligation to Mardee is that she does not owe Mardee a commission. An exclusive agency listing means that the seller (Mardee) retains the right to sell the property independently without owing the listing agent a commission in that case. Since Carol found her own buyer, she circumvented the commission structure outlined in the exclusive agency agreement, which specifically allows the seller to sell the property themselves without incurring a commission cost to the agent.

In contrast, if the listing had been an exclusive right-to-sell agreement, Carol would have been entitled to a commission regardless of who found the buyer. The nature of the exclusive agency listing provides this unique benefit to the seller, allowing them to avoid paying commission if the sale occurs independent of the agent's efforts. Thus, the correct understanding of the structure of the exclusive agency listing places no commission obligation on Carol in this case.