Agency
A buyer's agent is showing a property listed by another broker in their office. Which type of agency situation arises within the same brokerage?
ASubagency
BDesignated agency✓ Correct
CTransaction brokerage
DUniversal agency
Explanation
Designated agency occurs when a brokerage assigns different agents to represent the buyer and seller in the same transaction, so each client receives full representation from their designated agent. This avoids dual agency within the same brokerage.
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- In Rhode Island, designated agency allows a broker to designate different agents within the same brokerage to represent the buyer and seller. The primary purpose of designated agency is to:Agency
- A Rhode Island agent has a client relationship with a buyer and is showing a property listed by the same agent's broker. This creates:Agency
- A Rhode Island broker may assign a salesperson as a 'designated buyer's agent' for a buyer while a different salesperson in the same office acts as 'designated seller's agent' for the seller in the same transaction. This arrangement is called:Rhode Island License Law
- A Rhode Island agent represents a buyer who makes an offer on a property listed by the agent's own broker. Without a designated agency agreement, this creates:Agency
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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