Agency
In New Jersey, a 'designated agency' arrangement allows a brokerage firm to:
ARepresent all buyers and sellers without any individual agent assignments
BDesignate one agent exclusively for the buyer and a different agent exclusively for the seller, even within the same firm✓ Correct
CAvoid dual agency by having agents work in different offices
DAssign a single agent to represent all parties in a transaction
Explanation
In a designated agency arrangement, the broker designates one licensee to represent the seller and a different licensee to represent the buyer, even though both work for the same firm. Each designated agent owes full fiduciary duties only to their respective client, avoiding the compromises inherent in dual agency.
Related New Jersey Agency Questions
- The duty of ACCOUNTING in a NJ agency relationship requires the agent to:
- Which of the following best describes ostensible agency?
- In NJ, which of the following actions would NOT be considered a material fact requiring disclosure to a buyer?
- In New Jersey, the Consumer Information Statement (CIS) must be provided to buyers and sellers:
- An agent who has an undisclosed interest in a property they are selling on behalf of a client is guilty of:
- Which of the following BEST describes a transaction broker (facilitator) in New Jersey?
- A New Jersey licensee who represents the seller must disclose to buyers:
- The fiduciary duty of obedience requires a NJ agent to:
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