Broker Maria owns a Wyoming real estate brokerage. Her firm has listed a property owned by the Garcias, and a buyer represented by another agent in her same firm, Agent Kevin, wants to purchase that property. Maria designates Agent Kevin to represent the buyer and another agent, Linda, to represent the Garcias. What type of agency arrangement does Wyoming law recognize in this situation?
Correct Answer
C) In-house agency, where designated agents within the same brokerage represent each party separately
Wyoming law specifically recognizes 'in-house agency,' also referred to as designated agency, under W.S. 33-28-301 et seq. When a single brokerage represents both the buyer and seller in the same transaction, the broker may designate different licensees within the firm to represent each party. This arrangement is distinct from dual agency and is designed to minimize the conflict of interest by ensuring each party has a dedicated advocate within the same firm.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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