Agency
In NJ, a buyer's agent who also sells a property to their buyer and earns a commission from the seller must ensure:
AThe buyer is not told about the commission arrangement
BFull disclosure of the agency relationship and compensation to all parties involved, including any seller-paid buyer agent commission✓ Correct
CThe seller pays double commission
DThe NJREC approves the transaction
Explanation
NJ requires full disclosure of agency relationships and compensation. A buyer's agent receiving compensation from the seller (or from the listing broker via co-op commission) must disclose this to the buyer in writing.
Related New Jersey Agency Questions
- An agent's duty of CARE in NJ requires the agent to:
- A buyer's representative agreement (buyer-broker agreement) in NJ is:
- Which of the following best describes ostensible agency?
- A NJ licensee who fails to present all offers to the seller before a contract is signed may be liable for:
- A NJ licensee who is the agent for a buyer and discovers the buyer is planning to use the property for an illegal purpose should:
- Apparent (ostensible) authority in a NJ real estate agency context arises when:
- A New Jersey salesperson who is also a licensed mortgage broker in the same transaction must:
- In NJ, a 'procuring cause' dispute typically arises when:
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