What type of agreement typically represents an express law of agency?

A listing agreement represents an express law of agency because it is a formal and explicit contract between a property owner (the principal) and a real estate broker (the agent), specifying the duties and responsibilities of both parties. In this arrangement, the property owner grants the agent the authority to act on their behalf in marketing and selling the property. This agreement typically outlines details such as the duration of the agency, the commission structure, and the specific powers granted to the agent, making the intentions clear and legally binding.

In contrast, while the other options could imply some form of agency relationship, they do not establish an express law of agency in the same way a listing agreement does. An oral contract between friends lacks the formal structure and intent needed to create a legal agency relationship. A verbal agreement to buy may show intent to enter into a transaction, but it does not define the roles or responsibilities clearly. Similarly, a lease agreement involves a landlord-tenant relationship rather than a principal-agent relationship, focusing on the rights and obligations of renting rather than agency principles.