Agency
Under North Dakota's agency laws, a designated agency arrangement is set up primarily to:
AAllow a broker to represent both parties without any conflict
BAllow separate licensees within the same firm to provide full fiduciary representation to buyer and seller respectively✓ Correct
CReplace the need for written agency agreements
DPermit unlicensed assistants to represent clients
Explanation
Designated agency solves the problem of in-house dual agency by designating different licensees within the same firm to represent the buyer and seller respectively, allowing each to receive full fiduciary representation.
Related North Dakota Agency Questions
- A North Dakota listing agent who deceives a buyer about the property's flood history may be liable for:
- Which of the following illustrates the duty of 'accounting' owed by a North Dakota real estate agent to their client?
- A North Dakota listing broker cooperating with a buyer's broker through the MLS is an example of:
- What does the term 'procuring cause' mean in a North Dakota real estate commission dispute?
- In North Dakota, a cooperating broker who works with a buyer in a transaction where another broker holds the listing has what type of relationship with the buyer?
- A North Dakota salesperson works for Brokerage A and wants to receive a referral fee from Brokerage B. This is:
- A North Dakota agent representing a buyer discovers the listing agent is also representing the seller (single agency). The buyer's agent owes the buyer all of the following EXCEPT:
- In North Dakota, a listing agreement that automatically renews for successive periods unless cancelled is called:
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