Under Wisconsin law, what is the correct term used to describe a situation where a single broker represents both the buyer and the seller in the same real estate transaction?
Correct Answer
B) Multiple representation
Under Wisconsin Administrative Code REEB 24, Wisconsin uses the term 'multiple representation' to describe the situation where a broker represents both the buyer and the seller in the same transaction. This is Wisconsin's specific statutory terminology and differs from the term 'dual agency' used in many other states.
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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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