In Arizona, an agent representing a buyer in a transaction where the listing agent represents the seller is called:
Why Cooperating agent Is Correct
Answer A: Cooperating agent
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 Arizona, an agent representing a buyer in a transaction where the buyer's brokerage also holds the listing (in-house sale) MUST:Agency
- An Arizona buyer's agent who is offered a bonus by the listing broker for selling a specific property should:Agency
- An Arizona listing agent who represents the seller has a duty to present all offers to the seller:Agency
- An Arizona listing broker who hires a buyer from an open house without disclosing to that buyer that the broker represents the seller is:Agency
Key Terms to Know
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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