Agency
A designated agency arrangement in Wyoming means:
AThe broker represents both parties without designating any agents
BThe broker designates separate agents within the same firm to represent buyer and seller✓ Correct
COnly one agent in Wyoming can represent a particular client
DThe Commission assigns an agent to unrepresented parties
Explanation
In designated agency, a Wyoming broker designates one licensee within the firm to represent the buyer and a different licensee to represent the seller. This can reduce the conflicts inherent in dual agency.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA 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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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