Connecticut law recognizes a specific type of agency in which a broker assigns one affiliated licensee to represent the seller and a different affiliated licensee within the same brokerage to represent the buyer in the same transaction. This arrangement is best described as:
Correct Answer
A) Designated agency
Connecticut law expressly recognizes designated agency, where a supervising broker assigns separate affiliated licensees to represent the buyer and the seller in the same transaction. Each designated agent owes full fiduciary duties only to their respective client, which distinguishes this arrangement from dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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In Vermont, a licensee owes fiduciary duties to a client. Which statement is correct?
- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
- → In Vermont, a licensee has substantial contact with an unrepresented person before a showing. Which statement is correct?
- → In Vermont, a firm has not elected designated agency. Which statement is correct?
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- → In Vermont, a seller receives another offer before closing. Which statement is correct?
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