Agency
In Kansas, what is the primary difference between a 'selling agent' and a 'buyer's agent'?
AThere is no difference; the terms are interchangeable
BA selling agent may represent the seller (in a co-broke as subagent) or the buyer; a buyer's agent specifically represents the buyer's interests✓ Correct
CA selling agent always receives a higher commission
DA buyer's agent must hold a broker's license
Explanation
'Selling agent' (the cooperating agent who brings the buyer) may represent either the buyer or act as a subagent of the seller. A 'buyer's agent' specifically and exclusively represents the buyer's interests.
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Key Terms to Know
Buyer's Agent
A 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.
AgencyA 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.
Math Concepts
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