Agency
Which of the following BEST describes a Nebraska designated agency arrangement?
AOne agent represents both buyer and seller
BThe broker appoints separate agents for each party within the same firm✓ Correct
CThe broker personally represents both parties
DOnly one party has representation
Explanation
In designated agency, the broker appoints specific agents within their firm to exclusively represent each party, allowing full fiduciary duties. Nebraska law permits this arrangement with proper disclosure.
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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 AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA 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.
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