Agency
In a designated agency situation in Georgia, the designated agents:
AShare all client information with each other freely
BAct as separate fiduciaries for their respective clients and protect confidential information from the other designated agent✓ Correct
CBoth report to the broker who acts as a dual agent
DAre required to split the commission equally
Explanation
Designated agents each owe full fiduciary duties to their respective clients and must maintain client confidentiality. The designated buyer's agent and seller's agent do not share confidential information with each other.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Math Concepts
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