The agency disclosure required in Alabama is intended to:
Why Ensure buyers and sellers understand who the agent is working for and what duties are owed Is Correct
Answer B: Ensure buyers and sellers understand who the agent is working for and what duties are owed
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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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
- When must an Alabama licensee provide agency disclosure to a prospective buyer?Alabama License Law
- Under Alabama agency law, when does an agency relationship with a buyer typically begin?Agency
- When must an Alabama broker provide a written agency disclosure to a prospective client?Alabama License Law
Key Terms to Know
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.
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