Agency
Which agency relationship exists when a New Jersey licensee works with a buyer but has NO written buyer agency agreement?
ABuyer's agent
BDual agent
CSubagent of the seller✓ Correct
DDesignated agent
Explanation
Without a written buyer agency agreement, a New Jersey licensee who is a subagent of the listing broker legally represents the seller, not the buyer, even while assisting the buyer.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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