Agency
Designated agency in North Carolina occurs when:
AA broker represents both parties without disclosure
BA firm designates one affiliated broker to represent the seller and another to represent the buyer✓ Correct
CAn agent refers a client to another firm
DA broker works without any agency relationship
Explanation
In designated agency, a firm designates one affiliated broker to exclusively represent the seller and another to exclusively represent the buyer. Each designated broker owes full fiduciary duties to their respective client.
Related North Carolina Agency Questions
- In North Carolina, which type of agency is prohibited?
- In NC, an agent's duty of 'accounting' requires them to:
- A NC broker enters into an Exclusive Buyer Agency Agreement. Under this agreement, the broker is entitled to compensation if:
- In North Carolina, 'dual agency' with written informed consent means the broker:
- A NC broker who represents a seller is approached by the seller's neighbor who wants to buy the property. The broker should:
- A NC seller who tells their listing agent 'don't tell anyone I'm going through a divorce' has invoked their right to:
- Under NC agency law, the term 'principal' refers to:
- A NC buyer's agent who fails to disclose a known material defect because the seller is also a client (in a dual agency) has violated:
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