Agency
A designated agency arrangement in NJ means:
ATwo agents from the same firm represent the same client
BThe broker designates one affiliated licensee to represent the buyer and another to represent the seller✓ Correct
CA single agent represents all parties at closing
DThe broker personally represents both buyer and seller
Explanation
Designated agency allows a broker to designate one licensee within the firm to represent the buyer and a different licensee to represent the seller, reducing dual agency conflicts.
Related New Jersey Agency Questions
- In NJ, which of the following actions would NOT be considered a material fact requiring disclosure to a buyer?
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- In New Jersey, designated agency means:
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- Under NJ's Buyer Agency Act, a buyer who signs an exclusive buyer agency agreement with one broker and then purchases a property through another broker without consent may:
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