Missouri Real Estate Commission rules recognize a specific type of agency in which a broker appoints one affiliated licensee to represent the seller and a different affiliated licensee to represent the buyer within the same brokerage. This arrangement is called:
Correct Answer
B) Designated agency
Designated agency is a Missouri-specific framework in which the broker designates separate licensees within the same firm to represent the buyer and the seller individually. Each designated agent owes full fiduciary duties to their respective client, which distinguishes designated agency from dual agency where both parties share one representative. Missouri law expressly authorizes this structure to facilitate in-house transactions without the conflicts inherent in full dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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.
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In Vermont, a licensee owes fiduciary duties to a client. Which statement is correct?
- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
- → In Vermont, a licensee has substantial contact with an unrepresented person before a showing. Which statement is correct?
- → In Vermont, a firm has not elected designated agency. Which statement is correct?
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- → In Vermont, a seller receives another offer before closing. Which statement is correct?
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