Agency

Designated agency in Michigan means:

ABoth agents in a firm represent both buyer and seller equally

BThe broker designates one agent to represent the seller and another to represent the buyer within the same firm✓ Correct

CA government-designated agent oversees the transaction

DThe buyer designates which agent they want to work with

Explanation

Designated agency allows a broker to appoint one licensee to represent the seller and a different licensee to represent the buyer within the same firm, preserving individual representation while allowing in-house transactions.

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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.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

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