Agency
What is a 'designated agency' arrangement in Missouri?
AOne agent represents both buyer and seller
BThe broker designates different agents within the same firm to represent buyer and seller separately✓ Correct
CAn agent works only for buyers
DAn agency relationship created by law without an agreement
Explanation
Designated agency allows a broker to designate one agent in the firm to represent the buyer and another to represent the seller in the same transaction, avoiding full dual agency.
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Key Terms to Know
Dual Agency
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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