Agency
What is a 'designated agency' arrangement in Rhode Island?
AThe broker designates different agents within the same firm to represent the buyer and seller separately✓ Correct
BA government-appointed agent manages the transaction
CThe listing broker also serves as buyer's agent without disclosure
DAn out-of-state licensee designated to handle Rhode Island transactions
Explanation
Designated agency allows a broker to designate separate in-house agents to represent the buyer and seller, so each client has their own advocate within the same firm. This avoids the conflicts inherent in full dual agency.
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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
- Designated agency in Rhode Island allows a broker to:Agency
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- 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
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- A Rhode Island salesperson who moves their license to a new broker must notify the DoBR within:Rhode Island License Law
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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.
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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