Agency
When a New Mexico licensee represents both the buyer and seller in the same transaction, this is called:
ADual agency
BTransaction brokerage
CDesignated agency✓ Correct
DSub-agency
Explanation
Dual agency occurs when a licensee represents both the buyer and seller in the same transaction. In New Mexico, this requires informed written consent from both parties.
Related New Mexico Agency Questions
- In New Mexico, a transaction broker owes which of the following duties to both parties?
- In New Mexico, when a seller's agent learns that the seller is experiencing financial distress and may accept below-market value, the agent must:
- In New Mexico, when may a seller's agent also receive compensation from the buyer?
- In New Mexico, an exclusive right-to-sell listing gives the broker:
- A New Mexico listing expires without a sale. The seller then sells to a buyer who the listing broker introduced during the listing period. The listing broker is entitled to a commission if the listing agreement contained a(n):
- The duty of confidentiality in an agency relationship means the agent must:
- A New Mexico buyer's broker who discovers a material defect in a property they are showing is obligated to:
- A salesperson in New Mexico who receives an earnest money deposit must turn it over to the qualifying broker:
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