Jamie Cruz signs a listing agreement with broker Skyler Simmons. What role does Simmons's brokerage hold in the resulting sale?
Correct Answer
A) Seller's agent
A listing agreement creates an agency relationship between the seller and the listing brokerage, so the brokerage acts as the seller's agent and owes the seller the fiduciary duties. The other labels describe arrangements the facts do not contain: a subagent is a cooperating licensee acting on the listing broker's behalf for the seller, a dual agent represents both sides in the same transaction with informed consent, and a designated agent is a licensee the broker appoints to represent one party when another licensee in the firm represents the other.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
More General Principles Of Agency Questions
A listing agreement creates an agency relationship between:
A property management agreement between an owner and a property manager typically specifies which of the following?
What is 'designated agency' in the context of a real estate brokerage?
A real estate team receives a referral from a past client. The team leader assigns the referral to a team member. The team member shows the buyer several properties. Who is the buyer's agent?
A buyer's agent compensation can be structured as:
- → A commercial tenant is negotiating a five-year lease for retail space. The tenant hires a tenant representative broker to negotiate lease terms on the tenant's behalf. What agency relationship exists between the tenant and the tenant representative?
- → A property manager signs a lease on behalf of the property owner. The management agreement authorizes the manager to execute leases for terms up to one year. The manager signs a three-year lease with a commercial tenant. What is the likely consequence?
- → A property manager discovers that a rental unit has a significant mold problem. The manager repairs the visible mold but does not inform the property owner about the extent of the damage or the potential liability. Has the property manager violated any agency duty?
- → A listing agent tells prospective buyers that the home sits on 'the finest street in the whole county' and is 'a once-in-a-lifetime opportunity.' These statements are best characterized as:
- → Real estate commissions are typically based on:
- → Under the new rules, how can a buyer's agent be compensated?
- → Casey Patel is hired only to find a ready, willing, and able buyer for Morgan Flores's duplex and has no authority over Morgan's other affairs. Classified by the scope of authority granted, what type of agent is Casey?
- → Casey Patel asks a licensee to unlock homes and write up an offer but refuses to sign any representation agreement. What is Casey's usual status relative to that brokerage?
- → All of the following must generally be disclosed to prospective buyers EXCEPT
- → Grace Rivera gives Natalie Perry an earnest money check, and Natalie Perry promptly deposits it in the proper trust account and keeps accurate records. Which fiduciary duty is this?
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Previous Question
An agent purchases a listed property through a shell company without disclosing the personal interest to the seller. Besides being a secret profit, what broader fiduciary violation does this represent?
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In a jurisdiction that permits dual agency, what is the primary risk that informed written consent is designed to address?