Question

A broker has appointed two sales associate to act as agents in a nonresidential transaction, one for the seller and one for the buyer. Which is correct?

a. This is an illegal dual agency.
b. The sales associates are referred to as designated sales associates.
c. Buyer and seller must have combined assets of $1 million.
d. The FREC will revoke the licenses of the broker and both sales associates.

Answer 1

The correct answer is b. The sales associates in this scenario are referred to as designated sales associates.

Step-by-step explanation:

The correct answer is b. The sales associates in this scenario are referred to as designated sales associates. A designated sales associate is an individual sales associate who is appointed by the broker to represent either the buyer or the seller in a transaction. This type of arrangement is legal and allows for separate representation of both parties involved.