Single Agent relationship

Question 1

What is a single agent relationship?

Answer 1

• When the broker represents, as a fiduciary, either the buyer or the seller, but not both, in the same transaction

Question 2

In a single agent relationship, how do we refer to the seller or buyer in the transaction?

Answer 2

• As a “client” (only use this term for a single agent relationship)

Question 3

In a single agency relationship, broker’s sales associates and broker-associates are _____ of their broker in dealings with the principal

Answer 3

• subagents

Question 4

In a single agent relationship, the broker is an ______ of the principal

Answer 4

• agent

Question 5

What are the single agent duties?

Answer 5

• • “ADD”
• Acount for all funds
• Deal honestly and fairly
• Disclose all known facts that materially affect the value of residential real property & are not readily observable to the buyer
• • “UP”
• Use skill, care, and diligence in the transaction
• Present all offers & counteroffers
• • Four unique duties of a single agent: “COLD”
• Confidentiality
• Obedience (must obey all lawful instructions of the principal)
• Loyalty (act solely in the best interests of the principal)
• Disclosure (full)

Question 6

What do you need to do to transition from single agent to transaction broker?

Answer 6

• You need to do the Consent to Transition to Transaction Broker Notice
• The buyer or seller’s signature is required on the notice
• If the principal refuses to sign, then the broker must continue to act as a single agent

Question 7

Can the brokerage firm represent the buyer as a single agent if the firm has a transaction broker relationship with the seller?

Answer 7

No

Question 8

Can the brokerage firm represent the buyer as a single agent or work with the buyer as a transaction broker if the firm is representing the seller as a single agent?

Answer 8

No