Final answer:
The general law governing the relationship between sellers and brokers is the Common Law of Agency, which establishes the broker's role as an agent for the seller and is foundational across states, though specific state laws like The Oklahoma Broker Relationships Act may also apply.
Step-by-step explanation:
The general law which governs the relationship between sellers and the brokers they employ to market their property is known as the Common Law of Agency. This legal principle is the basis for interactions in business where one party, the agent, is authorized to act on behalf of another, the principal, in transactions with third parties. In the context of real estate, the broker acts as the agent for the seller and must adhere to specific duties and obligations as established by this law to market and sell the property effectively and legally.
In addition to the Common Law of Agency, local regulations, such as zoning laws, play a significant role in how property can be used and marketed. For instance, zoning regulations, which have been widely adopted since New York City's first zoning ordinance in 1916, affect land use and therefore could influence the marketing and sale of the property.
While specific state acts like The Oklahoma Broker Relationships Act may regulate certain aspects of the broker-seller relationship in particular jurisdictions, the Common Law of Agency remains the foundational law governing these relationships across various states.