Question

Broker Jim signs a listing agreement with seller, Grace, and a buyer agency agreement with buyer, Pat. Broker Jim shows buyer Pat the property owned by seller Grace. Both Grace and Pat signed written disclosure statements agreeing to this arrangement. What is this relationship called?

1. Subagency
2. Dual agency
3. Exclusive agency
4. Single agency

Answer 1

The relationship between Broker Jim, seller Grace, and buyer Pat is known as Dual Agency, which occurs when a real estate agent represents both the buyer and the seller in the same transaction.

Step-by-step explanation:

The relationship between Broker Jim, seller Grace, and buyer Pat is known as Dual Agency. Dual agency occurs when a real estate agent represents both the buyer and the seller in the same transaction. In this case, Broker Jim acts as the agent for both Grace and Pat, as evidenced by the signing of the listing agreement and the buyer agency agreement.