In North Carolina, 'dual agency' with written informed consent means the broker:
Why May represent both the buyer and seller, but with reduced duties to both Is Correct
Answer B: May represent both the buyer and seller, but with reduced duties to both
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Related North Carolina Questions
- In North Carolina, 'informed consent' in a dual agency situation requires:Agency
- A dual agent in North Carolina must obtain informed written consent from:Agency
- Designated agency in North Carolina means:Agency
- In a dual agency situation in North Carolina, a broker may NOT:Agency
- Which agency regulates real estate licenses in North Carolina?North Carolina License Law
- North Carolina requires mandatory agency disclosure. This disclosure must occur:North Carolina License Law
- Under North Carolina law, buyer agency agreements must be:North Carolina License Law
- Constructive notice in North Carolina real estate means:Escrow & Title
Key Terms to Know
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA 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.
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.
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