A closing-file reviewer in Wilmington is updating the policy manual on dual agency and designated dual agency. Which statement best applies under current North Carolina law?
Correct Answer
C) Designated dual agency allows one firm to appoint separate affiliated agents to work with each party, but it still requires written consent to dual agency.
Designated dual agency allows one firm to appoint separate affiliated agents to work with each party, but it still requires written consent to dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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.
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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- → In Vermont, a firm has not elected designated agency. Which statement is correct?
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