Broker Sandra operates a large brokerage in Annapolis. Agent Tom represents seller Mike, and Agent Lisa represents buyer Wendy. Both Tom and Lisa are affiliated with Sandra's brokerage. Mike's property is under contract with Wendy. Sandra realizes that she, as the broker, technically oversees both agents. Under Maryland's intra-company agency framework, what is Sandra's role in this transaction?
Correct Answer
B) Sandra serves as a neutral supervisory broker overseeing both intra-company agents, and written consent on the MREC-mandated form must name the brokerage relationship
Under Maryland's intra-company agency framework, the broker plays a supervisory and neutral role. The broker oversees both affiliated licensees who each represent a different party. The written consent on the MREC-mandated Consent for Dual Agency form addresses the brokerage's intra-company agency relationship, allowing the broker to supervise both agents without becoming a personal dual agent for each client. Maryland's detailed statutory framework specifically contemplates and authorizes this broker supervisory role in intra-company agency transactions.
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Related Topics & Key Terms
Key Terms:
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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