Agency
Designated agency in Rhode Island allows a broker to:
ARepresent both buyer and seller as a dual agent without consent
BAssign different affiliated licensees to represent buyer and seller respectively within the same brokerage✓ Correct
CAct as an escrow agent for both parties simultaneously
DWaive fiduciary duties to increase transaction volume
Explanation
Designated agency allows a broker to assign one affiliated licensee to represent the buyer and a different affiliated licensee to represent the seller within the same brokerage, avoiding full dual agency.
People Also Study
Related Rhode Island Questions
- 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 broker who acts as both a listing broker and a buyer's broker for the same transaction and does not disclose the dual agency to both parties has committed:Rhode Island License Law
- 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
- In Rhode Island, a buyer's agent who also represents the seller in the same transaction without full disclosure and consent is engaging in:Agency
- In Rhode Island, consensual dual agency is permitted when: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?Agency
- Rhode Island's 'cooling off period' for signed listing agreements allows a seller to cancel within:Rhode Island License Law
- Under RIGL Chapter 5-20.5, a Rhode Island licensee who changes employing brokers must notify the Real Estate Commission within:Rhode Island License Law
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.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Study This Topic
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →