The NC WWREA disclosure brochure explains which of the following options available to consumers?
Why Seller agency, buyer agency, and dual agency options Is Correct
Answer B: Seller agency, buyer agency, and dual agency options
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
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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- When must a listing agent provide the 'Working with Real Estate Agents' (WWREA) disclosure brochure to a potential seller client?Agency
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- The NC WWREA brochure explains three possible agency relationships. Which one is NOT a recognized agency relationship in NC real estate?Agency
- In North Carolina, the Working with Real Estate Agents (WWREA) disclosure form must be provided to:North Carolina License Law
- The 'Working with Real Estate Agents' brochure in North Carolina explains:Agency
- Under NC license law, a broker must provide the Working with Real Estate Agents disclosure at first substantial contact with:North Carolina License Law
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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