Agency
A Connecticut listing agent represents a seller. The agent also has a buyer as a client. The listing broker's written office policy allows designated agency in such situations. Under designated agency:
AOne salesperson represents both the buyer and the seller as a dual agent
BDifferent salespersons from the same broker office are assigned to represent the buyer and seller separately✓ Correct
CThe broker represents both parties without designating specific agents
DThe buyer must find another broker since the current broker has a listing
Explanation
Designated agency allows a broker to assign different salespersons within the same office to represent the buyer and the seller, respectively, in the same transaction. Each designated agent can act as a full advocate for their client, reducing the conflict inherent in classic dual agency.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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