Agency
In NJ, a seller's agent who simultaneously represents a buyer in the same brokerage as a designated agent (not dual agent) owes to the seller:
AReduced fiduciary duties
BThe same full fiduciary duties as in any single agency representation, with only the designated agent for the buyer limited from sharing seller confidences✓ Correct
CNo fiduciary duties once designated agency is established
DDual duties to both buyer and seller simultaneously
Explanation
In designated agency, each designated agent owes full fiduciary duties to their respective client. The listing agent for the seller owes full fiduciary duties to the seller; the designated buyer agent owes full duties to the buyer; only the broker is the 'middle' party.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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