Agency
In NJ, 'subagency' in the MLS context means:
AThe listing broker is represented by the MLS
BA cooperating broker who works with the buyer is actually acting as an agent for the listing broker's client (the seller)✓ Correct
CThe buyer's agent has two clients
DTwo brokers share equal authority over a listing
Explanation
Subagency occurs when a cooperating broker through the MLS represents the seller (not the buyer), as an agent of the listing broker, owed the full fiduciary duties to the seller—even while assisting the buyer.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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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