Wyoming licensee Patricia is a broker-salesperson working under Principal Broker Davis. A buyer client asks Patricia to write an offer on a property listed by Patricia's own brokerage. Broker Davis informs Patricia that the firm will operate under in-house agency, with Patricia representing the buyer and Agent Scott representing the seller. Patricia's buyer client objects to the in-house agency arrangement and demands that Patricia represent him exclusively without any connection to the seller's side. Which of the following correctly states Patricia's and Broker Davis's options under Wyoming law?
Correct Answer
A) If the buyer refuses to consent to in-house agency, the brokerage may not represent both parties in the transaction and must either release the buyer or refer the listing to another broker
Under the Wyoming Agency Disclosure Act (W.S. 33-28-301 et seq.), in-house agency requires written consent from all parties involved. If a buyer client refuses to consent to the in-house agency arrangement, the brokerage cannot force the arrangement upon the client. In that case, the brokerage must make a choice: release the buyer client so he may seek outside representation, or refer the listing to another broker so the brokerage can exclusively represent the buyer. The brokerage cannot represent both parties in the same transaction without all parties' written consent to the in-house agency arrangement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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