Agency
Under Wyoming law, a designated agency arrangement means:
AThe broker personally handles both sides of the transaction
BThe broker designates individual licensees within the firm to represent each party separately✓ Correct
CThe transaction has been approved by a designated government official
DBoth parties share one designated agent
Explanation
Designated agency allows a broker to designate different licensees within the same firm to represent the buyer and seller separately, each acting as a single agent for their respective client.
Related Wyoming Agency Questions
- Which action would violate an agent's fiduciary duty of obedience in Wyoming?
- A Wyoming licensee who is also the buyer in a transaction where they are the listing agent must:
- A Wyoming buyer's agent who inadvertently discloses the buyer's motivation to buy quickly is:
- A Wyoming buyer's agent who also holds a license as a mortgage broker must disclose:
- An exclusive right-to-sell listing in Wyoming means:
- A Wyoming buyer's agent tells a buyer that a seller 'must sell quickly.' This information was obtained from the MLS listing description. Is this a confidentiality violation?
- A Wyoming agent who represents a seller in a short sale transaction (where the sale price is less than the mortgage balance) must disclose to the buyer that:
- In Wyoming, the relationship between a real estate broker and a seller under a listing agreement is best described as:
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