Agency
The agency disclosure required in Alabama is intended to:
AEliminate all commission disputes
BEnsure buyers and sellers understand who the agent is working for and what duties are owed✓ Correct
CProvide a marketing tool for the broker
DReplace the need for a written representation agreement
Explanation
Agency disclosure ensures consumers understand the nature of the agency relationship, who the agent represents, and what fiduciary duties are or are not owed.
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- In Alabama, which type of agency relationship is created when a broker represents both buyer and seller with written consent?Agency
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- In Alabama, which document formally establishes a buyer agency relationship?Agency
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- When must an Alabama broker provide a written agency disclosure to a prospective client?Alabama License Law
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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