Agency
In New Jersey, designated agency means:
ABoth buyer and seller are represented by the same agent
BA broker designates specific agents within their firm to represent the buyer and seller separately✓ Correct
CAn agent is designated by the state to handle distressed property sales
DThe broker personally represents both parties in all in-house transactions
Explanation
Designated agency allows the managing broker to assign one agent in the office to represent the buyer and another to represent the seller, providing each party with undivided loyalty from their designated agent.
Related New Jersey Agency Questions
- When a NJ buyer's agent discovers that the listing agent made false representations about the property in the MLS, the buyer's agent should:
- When a buyer's agent discovers a material defect about the property during a showing, they should:
- An agent who reveals the seller's bottom-line price to the buyer without authorization is guilty of:
- A fiduciary duty UNIQUE to an agent relationship (not owed to a customer) is:
- A latent defect is one that:
- In NJ, an exclusive right-to-sell listing agreement guarantees the listing broker a commission if:
- Termination of a listing agreement in NJ may occur by all of the following EXCEPT:
- Under NJ law, an agent's authority to bind the principal (seller) is created by:
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