Agency
Designated agency in New Jersey allows a broker to:
ARepresent only sellers
BAssign one agent to represent the buyer and a different agent to represent the seller within the same brokerage✓ Correct
CAct as an agent for the government
DCollect commission from both parties without disclosure
Explanation
Designated agency permits a broker to assign different in-house agents to represent the buyer and seller separately, minimizing the dual-agency conflict while keeping both transactions in-house.
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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.
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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