Agency
Designated agency in Pennsylvania means:
AThe broker personally represents both buyer and seller simultaneously
BTwo different licensees within the same brokerage are each designated to exclusively represent one party✓ Correct
CA licensee from an outside brokerage is designated to assist the transaction
DThe seller designates which agent may represent the buyer
Explanation
Designated agency allows two different licensees within the same brokerage to each exclusively represent one party — one agent for the seller, another for the buyer. This avoids the conflicts of full dual agency because each client has a dedicated advocate with full fiduciary duties.
People Also Study
Related Pennsylvania Questions
- Pennsylvania allows 'dual agency' — representing both buyer and seller in the same transaction — only if:Agency
- A Pennsylvania broker who is the listing broker and buyer's broker in the same transaction must have written consent for dual agency from:Contracts
- In Pennsylvania, what is the 'fiduciary duty of loyalty' owed by an agent to their client?Agency
- When a Pennsylvania broker represents both the buyer and seller in the same transaction with full informed written consent from both parties, this is called:Agency
- In Pennsylvania, 'designated agency' allows a broker to:Agency
- How often must Pennsylvania real estate licensees renew their licenses, and how many continuing education hours are required per renewal period?Pennsylvania License Law
- In Pennsylvania, within how many days must a broker deposit earnest money into their escrow account?Pennsylvania License Law
- Pennsylvania's recording act protects subsequent purchasers who record their deed. This means a later buyer who pays value and records first will generally prevail over:Escrow & Title
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Study This Topic
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →