Agency
In New Mexico, 'subagency' occurs when:
AA broker hires an unlicensed assistant
BA cooperating broker from another firm acts as an agent for the listing broker's principal (the seller)✓ Correct
CTwo brokers share a commission
DA buyer and seller both work with the same agent
Explanation
In subagency, a cooperating broker works on behalf of and owes fiduciary duties to the seller (the listing broker's client), even while showing the property to buyers. Subagency has largely been replaced by buyer's agency.
Related New Mexico Agency Questions
- In New Mexico, a buyer's representation agreement that is exclusive means:
- In New Mexico, a 'designated agency' allows a brokerage to:
- A New Mexico agent who inadvertently discloses a buyer's maximum budget to the seller's agent has:
- In New Mexico, if a buyer works with a licensee who shows them properties but has no written buyer's broker agreement, the licensee is likely functioning as:
- An agency relationship in New Mexico is most commonly created by:
- In New Mexico, which of the following best describes 'implied agency'?
- In New Mexico, when may a seller's agent also receive compensation from the buyer?
- In New Mexico, a buyer's broker receives a higher co-op commission offer from one listing than another. The buyer's broker's obligation is to:
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