Agency
In Arizona real estate, 'agency disclosure' serves to:
ALimit the licensee's liability
BInform consumers about the agency relationship so they understand who the agent represents and what duties they owe✓ Correct
CSatisfy NAR requirements
DDocument commission agreements
Explanation
Agency disclosure ensures consumers understand whether the agent represents them (owes fiduciary duties), represents the other party, or represents both parties. Informed consumers can make better decisions knowing whose interests the agent is protecting.
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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.
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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