11.3 Forms of Real Estate Agency

11.3 Forms of Real Estate Agency

• Single agency: Agent represents only one party (buyer or seller).
• Subagency: Agent of an agent (e.g., cooperating broker).
• Dual agency: Agent represents both buyer and seller (requires written consent).
• Designated agency: Specific agents within a firm represent different clients in the same transaction.
• No agency/transaction broker: Broker assists both parties but does not represent either as a fiduciary.
• No subagency: Some states disallow subagency; agents represent either buyer or seller directly.

Check-In Question

• Which agency relationship allows an agent to represent both the buyer and seller in the same transaction?
  Single agency
  Dual agency
  Designated agency
  No agency
  Show Answer

  Correct Answer: Dual agency