Agency
In North Dakota, a buyer who is working with multiple agents without signed buyer agency agreements is considered a:
ADual client of all agents involved
BCustomer (not a client) of each agent they have not signed a formal agreement with✓ Correct
CClient of the first agent they spoke with
DUnrepresented party regardless of agent contact
Explanation
Without a signed buyer agency agreement, a consumer is typically a customer, not a client. The agent owes honesty and fair dealing to customers but not full fiduciary duties.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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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