What is 'dual agency' and what are its limitations in Delaware?
Why Representing both buyer and seller in the same transaction; even with disclosure and consent, the dual agent cannot fully advocate for either party and must limit fiduciary duties Is Correct
Answer B: Representing both buyer and seller in the same transaction; even with disclosure and consent, the dual agent cannot fully advocate for either party and must limit fiduciary duties
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
People Also Study
Related Delaware Questions
- Delaware's Seller Agent Disclosure requires that the listing agent provide the seller with written disclosure of agency:Agency
- A month-to-month tenancy in Delaware can be terminated by either party with how much written notice?Property Management
- Which fiduciary duty obligates an agent to promptly deliver all offers and information relevant to the transaction?Agency
- A tenancy by the entirety in Delaware:Property Ownership
- A Delaware commercial property has an NOI of $120,000 per year. If an investor requires a 7% cap rate, what is the maximum price they should pay?Real Estate Math
- A Delaware investment property requires a 10% down payment. If the buyer's maximum loan is $405,000, what is the maximum property price they can afford?Real Estate Math
- Under Delaware agency law, what duty requires an agent to place the client's interests above their own?Agency
- In a designated agency arrangement in Delaware, two licensees from the same firm each represent one party. The broker:Agency
Key Terms to Know
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.
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.
Study This Topic
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →