Agency
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:
AReduce the number of agents needed per transaction
BAllow each party to have undivided loyalty from their designated agent✓ Correct
CIncrease commission income for the brokerage
DAvoid the requirement for written disclosure
Explanation
Designated agency allows each party to receive undivided loyalty from their designated agent while the supervising broker manages any potential conflicts, providing a practical solution to in-house dual agency situations.
Related Rhode Island Agency Questions
- In Rhode Island, an agent's duty of 'accounting' to their principal requires the agent to:
- In Rhode Island, the agency disclosure form must be provided to a prospective buyer or seller:
- A buyer's broker submits an offer on a listed property and discloses that they represent the buyer. The listing broker is required to:
- A Rhode Island real estate agent's fiduciary duty of 'loyalty' requires the agent to:
- A Rhode Island agent who represents neither the buyer nor the seller, but assists both parties with the transaction, is acting as a:
- A net listing is one in which the broker's commission is:
- A Rhode Island buyer's agent finds out their buyer-client is willing to pay $30,000 more than their offer price. The agent is approached by the listing agent who asks about the buyer's maximum. What should the buyer's agent do?
- A Rhode Island seller asks their listing agent whether the buyer is willing to increase their offer. The agent knows the buyer's maximum. What should the listing agent do?
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