Under Delaware's Agency Relationships in Real Estate Transactions Act, which of the following agency relationships is legally recognized in Delaware real estate transactions?
Correct Answer
A) Seller's agent, buyer's agent, disclosed dual agent, and transaction broker
Under 24 Del. C. § 2973, Delaware's Agency Relationships in Real Estate Transactions Act specifically recognizes four types of agency relationships: seller's agent, buyer's agent, disclosed dual agent, and transaction broker. Each has defined duties and disclosure requirements under the statute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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