Agency
In Pennsylvania, a 'designated agency' arrangement means:
AThe broker represents both buyer and seller equally
BThe broker designates individual licensees to represent each party exclusively within the same brokerage✓ Correct
CA licensee from one brokerage is designated to assist another brokerage's client
DOnly the supervising broker may negotiate the final contract terms
Explanation
Pennsylvania permits designated agency, where the broker designates one licensee to represent the seller and another to represent the buyer within the same brokerage. Each designated agent owes full fiduciary duties to their respective client.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same 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.
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