California Civil Code § 2079.13 defines 'seller's agent', 'buyer's agent' and 'dual agent' - the terms that replaced 'listing agent' and 'selling agent' in 2019. Under those definitions, what determines which of the three a licensee is in a given residential transaction?
Correct Answer
C) Which party the licensee has agreed to represent, including both as a dual agent
The statute classifies by representation. A seller's agent is one who has obtained a listing of real property to act as an agent for compensation; a buyer's agent is one who represents a buyer; a dual agent is one acting for both the seller and the buyer in the same transaction, directly or through a salesperson or broker associate. Which licensee happened to find the buyer, and who ultimately writes the check, do not decide the question - which is why the 2019 amendment dropped 'selling agent' in favor of 'buyer's agent'. The relationship in effect is then confirmed in writing under Civil Code § 2079.17.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
More Laws Of Agency Fiduciary Duties Questions
Under California law, the agency disclosure requirements apply to which types of property?
Under California law, when must a buyer's agent give the agency disclosure form to the buyer?
A broker who fails to promptly disclose their dual agency status is subject to:
A broker’s fiduciary obligation to protect a seller’s confidential information continues:
A broker has an exclusive agency listing on a property. If the owner sells the property, the broker is entitled to:
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A California listing agent discovers through their visual inspection that a property has a significant foundation defect. The seller instructs the agent to keep this information confidential and not disclose it to buyers. Which of the following best describes the agent's legal obligation?
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A listing agent, without the seller's consent, tells the buyer during negotiations that the seller will accept $50,000 below the listed price. Which fiduciary duty has the agent breached?