Agency
Under Wyoming agency law, a subagent is:
AAn agent who works directly for the buyer
BAn agent who represents the principal through another agent✓ Correct
CA trainee broker who handles paperwork only
DThe listing agent in a transaction
Explanation
A subagent is an agent of an agent—someone authorized by the primary agent to assist in carrying out the agent's duties to the principal. In traditional real estate, a cooperating broker was often a subagent of the listing broker (and seller).
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- In Wyoming, a real estate licensee's agency duties include all of the following EXCEPT:Agency
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- A Wyoming seller hires a broker under an exclusive agency listing. The seller then finds a buyer themselves. In this case:Agency
- A Wyoming listing agreement requires the seller to pay a commission even if the seller finds the buyer, unless it is an 'exclusive agency' listing. This describes which type of listing?Contracts
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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