Broker Helen at Summit Realty has a listing agreement with seller Bob. Salesperson Tom, also at Summit Realty, has a buyer representation agreement with buyer Wendy. Wendy wants to purchase Bob's property. Helen designates Tom to represent Wendy and assigns herself to continue representing Bob under a designated agency arrangement. Both Bob and Wendy provide written consent. Which of the following best describes Helen's role in this transaction?
Correct Answer
D) Helen serves as the supervising broker overseeing the transaction while Tom and she each represent their respective clients
In a Connecticut designated agency arrangement, the supervising broker (Helen) assigns separate licensees to represent each client. Helen continues to represent seller Bob with full fiduciary duties, while Tom represents buyer Wendy with full fiduciary duties to her. Helen's additional role is to supervise the overall transaction as the broker of record. This is the defining feature of designated agency: separate representation within the same brokerage, with the broker maintaining supervisory oversight.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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