Agency
A Hawaii salesperson working for Broker A shows a listing that Broker A has listed. In this case, the salesperson is acting as:
AA buyer's agent
BA subagent
CAn in-house agent (potential dual or designated agent)✓ Correct
DAn independent contractor for the buyer
Explanation
When a salesperson from the listing brokerage works with the buyer on the brokerage's own listing, it creates an in-house (in-company) situation that may result in dual agency or designated agency, requiring full disclosure and consent.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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