When a Delaware salesperson procures a buyer for a property listed by their own broker, what type of agency relationship exists?
Why Depending on the broker's policy, it may be dual agency, designated agency, or transaction broker — all requiring disclosure and consent Is Correct
Answer B: Depending on the broker's policy, it may be dual agency, designated agency, or transaction broker — all requiring disclosure and consent
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
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
People Also Study
Related Delaware Questions
- A Delaware buyer's agent shows a property that is listed by the same brokerage. This creates what type of agency?Agency
- What is a 'brokerage relationship' disclosure required in Delaware?Delaware License Law
- Under Delaware law, what is required of a licensee when they are personally buying a property listed by their own brokerage?Delaware License Law
- Delaware's Seller Agent Disclosure requires that the listing agent provide the seller with written disclosure of agency:Agency
- In a designated agency arrangement in Delaware, two licensees from the same firm each represent one party. The broker:Agency
- The brokerage disclosure form required in Delaware must be signed by the consumer:Agency
- An addendum to a real estate purchase contract:Contracts
- What is the purpose of Delaware's 'Brokerage Relationship Disclosure' form?Delaware License Law
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 →