Under Wisconsin's REEB 24 framework, which of the following most accurately distinguishes multiple representation WITH designated agency from multiple representation WITHOUT designated agency?
Correct Answer
B) In designated agency, separate salespersons within the firm each represent one party exclusively; without designated agency, the same broker or salesperson represents both parties
Under Wisconsin Administrative Code REEB 24, the key distinction is whether the firm assigns separate, exclusively dedicated salespersons to each party. In multiple representation with designated agency, the broker assigns different salespersons — each representing only one party — so each party receives more focused representation. In multiple representation without designated agency, the same broker or salesperson represents both parties simultaneously, which limits the depth of advocacy available to each client.
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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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- → 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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