Agency
In Washington, when does a licensee's agency relationship with a buyer typically begin?
AWhen the buyer signs a purchase and sale agreement
BWhen the licensee first shows the buyer a property
CWhen a written buyer representation agreement is signed✓ Correct
DWhen the buyer is pre-approved for financing
Explanation
Under RCW 18.86, agency relationships are created by written agreement.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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