In designated agency, who represents the buyer and seller in the same transaction?
Correct Answer
B) Separate agents from the same brokerage firm each represent one party independently
In designated agency, the broker designates separate agents within the same firm to represent the buyer and seller independently. Each designated agent owes full fiduciary duties solely to their respective client, avoiding the conflicts inherent in dual agency. Mississippi law permits designated agency as an alternative to dual agency.
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Related Topics & Key Terms
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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.
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