Agency
In a Tennessee transaction where one licensee in a firm represents the buyer and another represents the seller, this is called:
ADual agency requiring full disclosure
BDesignated agency✓ Correct
CTransaction brokerage
DCooperative agency
Explanation
When a principal broker designates one licensee to exclusively represent the buyer and another to exclusively represent the seller within the same firm and transaction, this is designated agency. It avoids the conflicts inherent in true dual agency.
Related Tennessee Agency Questions
- When an agent learns information during an agency relationship that the principal did not want disclosed, the duty of confidentiality:
- In Tennessee, a listing agent who misrepresents the square footage of a home to attract a higher offer may be liable for:
- A listing agreement with an 'exclusive right to sell' provision means:
- A buyer's broker agreement that includes an 'exclusivity' provision means the buyer agrees to:
- In Tennessee, a 'designated agency' arrangement means:
- A licensee who is a 'transaction broker' in Tennessee owes which duties to the parties?
- In Tennessee, a licensee who also has a personal financial interest in a transaction (for example, part-owner of the company buying the listing) must:
- Under Tennessee law, when a buyer and seller in a transaction are both represented by different licensees from the same brokerage, and the principal broker does NOT intervene, this situation is most accurately described as:
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