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AgencyDesignated_agencyMEDIUM

In designated agency, who represents the buyer and seller in the same transaction?

Correct Answer

B) Separate agents from the same brokerage firm represent each party independently

In designated agency, the broker designates separate agents within the same firm to represent the buyer and seller independently. This allows each party to receive undivided loyalty from their respective agent while both agents work under the same brokerage, avoiding the conflict of interest associated with dual agency.

Answer Options
A
One agent represents both the buyer and the seller
B
Separate agents from the same brokerage firm represent each party independently
C
The broker personally represents both parties simultaneously
D
Designated agency is prohibited in Idaho

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Related Topics & Key Terms

Related Topics:

dual-agencyfiduciary-dutiesagency-disclosurebroker-supervision

Key Terms:

designated agencydual agencybrokerage firmIdaho Code 54-2088fiduciary duties

Related Concepts

The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.

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.

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