Agency
In a designated agency arrangement in Arkansas, the designated agents each represent:
AThe brokerage firm as a whole
BTheir respective clients exclusively, even though both work for the same broker✓ Correct
CNeither party — they act as neutral facilitators
DBoth parties jointly with full fiduciary duties to each
Explanation
Designated agency allows the principal broker to designate one licensee to represent the buyer and another to represent the seller, allowing each to provide full representation to their respective client.
Related Arkansas Agency Questions
- In a transaction brokerage arrangement, the real estate agent:
- The agency disclosure form in Arkansas must be provided to a prospective buyer or seller:
- A buyer's agent who fails to disclose known material defects to their buyer client has breached the fiduciary duty of:
- When does an agency relationship typically terminate in a real estate transaction?
- Which type of listing gives the broker the right to a commission regardless of who sells the property, even if the owner sells it themselves?
- In a traditional seller agency relationship, the licensee's fiduciary duties run primarily to:
- The fiduciary duty of CONFIDENTIALITY requires an agent to:
- A buyer's agent discovers that their buyer-client has a maximum budget of $300,000 but the seller is asking $280,000. Under buyer agency, the agent should:
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