Agency

A listing agent who also works with the buyer without a separate buyer-broker agreement is most likely acting as:

AA buyer's agent
BA subagent of the seller✓ Correct
CA designated agent
DA transaction broker

Explanation

When a listing agent works with a buyer without a separate buyer-broker agreement, that agent typically functions as a subagent of the seller, meaning the buyer is not represented and the agent's duties run to the seller.

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