Agency
A Washington broker representing a buyer finds a property where the listing broker is from a competing firm. What is the standard agency arrangement?
AThe buyer's broker automatically becomes a subagent of the seller
BThe buyer's broker represents the buyer as a buyer's agent while the listing broker represents the seller✓ Correct
CBoth brokers automatically represent only the seller
DThe buyer must choose between the two brokers
Explanation
In a typical Washington transaction with cooperating brokers from different firms, each broker represents their own client: the listing broker represents the seller and the buyer's broker represents the buyer. This is the standard cooperative sale arrangement.
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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.
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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