Real Estate - Level 9, Chapter 2 - Single Agency

The single agent is an agent who represents only one party to the transaction. This other party could be a:

1. Buyer 2. Seller 3. Landlord 4. Tenant

a sellers agent is responsible for:

1. Locating a suitable buyer for the seller 2. Negotiating the best possible offer for the seller 3. Preparing the seller for closing

a buyer's agent will be responsible for:

1. Locating a suitable property for the buyer 2. Negotiating the best possible offer for the buyer 3. Preparing the buyer for closing

Shana is a buyer working with an agent, Haley. While touring an apartment, Shana tells Haley some confidential information about her financial situation. What is TRUE?

If Haley has not already done so, she needs to obtain informed consent from Shana.

From a client's perspective, which of the following is a major advantage of single agency?

clarity of agency relationship; Single agency provides the client with clarity about the agency relationship. The client knows that agent is working exclusively in their best interests.

Single agency is an agency arrangement in which one agent represents one party in a real estate transaction; the party may be either a seller or a buyer. This is also known as:

exclusive agency

buyers agent

is a single agent who has agreed to represent the buyer's interests in a real estate transaction. This means they do NOT owe the seller fiduciary duties. *documented in a buyer-broker agreement.

landlords agent

is a single agent who has agreed to represent the landlord's interests in a real estate transaction (to lease, not sell, a property).

sellers agent/listing agent

is a single agent who has agreed to represent the seller's interests in a real estate transaction. This can be called seller agency.

tenants agent/tenant representative

is a single agent who has agreed to represent the tenant's interests in a real estate transaction (to rent, not buy, a property).

single agency

is an agency arrangement in which one agent represents one party in a real estate transaction; the party may be either a seller or a buyer. This is also known as exclusive agency.

tenants agent/tenant representative

is most similar to a buyer's agent

landlords agent

is similar to a sellers agent

single agency co-op

means that a brokerage ONLY deals with single agency relationships (one agent representing one client, buyer, or seller), but they serve both sellers and landlords, buyers and tenants.

A tenant's agent's principal/client is the:

tenant

the buyers agent works FOR

the buyer and WITH the seller

The seller's agent works FOR

the seller and WITH the buyer