Real Estate - Level 9, Chapter 2 - Single Agency Flashcards

Real Estate - Level 9, Chapter 2 - Single Agency Flashcards 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 single agency co-opmeans 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.tenants agent/tenant representativeis most similar to a buyer's agent a sellers agent is responsible for:1. Locating a suitable buyer for the seller2. Negotiating the best possible offer for the seller3. Preparing the seller for closing 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.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.

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

The single agent is an agent who represents only one party

to the transaction. This other party could be a:

• Buyer2. Seller3. Landlord4. Tenant

buyers agentis 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.single agencyis 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.the buyers agent works FORthe buyer and WITH the seller landlords agentis similar to a sellers agent landlords agentis a single agent who has agreed to represent the landlord's interests in a real estate transaction (to lease, not sell, a property).tenants agent/tenant representativeis a single agent who has agreed to represent the tenant's interests in a real estate transaction (to rent, not buy, a property).sellers agent/listing agentis a single agent who has agreed to represent the seller's interests in a real estate transaction. This can be called seller agency.

a buyer's agent will be responsible for: 1. Locating a suitable property for the buyer2. Negotiating the best possible offer for the buyer3. Preparing the buyer for closing The seller's agent works FORthe seller and WITH the buyer