Agency
A Washington real estate licensee represented the buyer in a transaction last year. The same client returns with a new property in mind. The licensee must:
AAutomatically assume the same agency relationship applies
BCreate a new written buyer representation agreement for the new transaction✓ Correct
CVerbally confirm the previous agreement covers new transactions
DNotify the previous seller's agent
Explanation
Agency relationships for Washington real estate transactions should be documented in writing for each transaction. A prior buyer representation agreement does not automatically carry over to subsequent transactions.
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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.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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