Agent Rivera works for Green Bay Realty and has a signed buyer agency agreement with client David. The same firm also has a listing agreement with the seller of a home David wants to purchase. Green Bay Realty's designated broker decides to assign Rivera to represent David and another agent, Thompson, to exclusively represent the seller. Both David and the seller provide written consent. Under Wisconsin law, what type of agency arrangement has been created?
Correct Answer
D) Designated agency under multiple representation
Wisconsin recognizes 'designated agency' as a specific form of multiple representation under REEB 24. In this arrangement, the broker assigns different salespersons within the same firm to exclusively represent each party. Both David and the seller have provided written consent, satisfying Wisconsin's requirement. This is designated agency under multiple representation — a Wisconsin-specific structure that allows each party to receive exclusive representation within the same firm.
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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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