Agency
A Wyoming seller's listing agent who holds an open house interacts with a prospective buyer at the open house. Without a buyer's agent agreement, the agent represents:
AThe buyer only during the open house
BOnly the seller; the buyer is unrepresented unless they hire an agent✓ Correct
CBoth the seller and the buyer as dual agent automatically
DThe general public with no specific duty to either party
Explanation
The listing agent at an open house represents the seller. A visitor to the open house is not represented by the listing agent unless a separate buyer's agency agreement is established.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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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