Agency
Which agency relationship is created when a North Carolina broker shows a buyer a property that the broker also has listed for the seller?
ASingle agency — the broker represents only the seller
BDual agency — the broker represents both buyer and seller in the same transaction✓ Correct
CSubagency — the broker represents the seller only
DTransaction brokerage — the broker represents neither party
Explanation
When a listing broker also works with a buyer interested in their own listing, a dual agency situation arises. In NC, this requires informed written consent from both parties before proceeding.
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Key Terms to Know
Dual Agency
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.
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.
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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