Agency
In New Jersey, a 'single agency' arrangement means:
AOnly one real estate company operates in a market
BThe licensee represents only one party (either buyer or seller) in a transaction, not both✓ Correct
CThe broker represents both parties simultaneously
DThe agent works independently without broker supervision
Explanation
Single agency means the licensee represents exclusively one client—either the buyer or the seller—in a particular transaction. This creates undivided loyalty to one party and avoids the conflicts inherent in dual agency relationships.
Related New Jersey Agency Questions
- The expiration of a NJ listing agreement automatically terminates the agency relationship unless:
- In NJ, a broker who misrepresents the commission rate in a listing agreement to the seller is guilty of:
- A cooperating broker in a MLS transaction typically acts as a:
- In New Jersey, an 'exclusive right to sell' listing agreement means:
- In NJ, a buyer who works with a licensee under a buyer agency agreement and is shown a property listed by the same brokerage creates a situation requiring disclosure of:
- When must a NJ licensee disclose their agency relationship in writing?
- A NJ seller's agent who learns during a showing that the buyer is under extreme financial pressure to relocate quickly must:
- In NJ, a transaction that involves a broker's own property (the broker is the seller or buyer) requires the broker to:
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