Idaho Real Estate Practice Exam

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On an offer where the selling agent writes, "The Listing broker represents the seller and the selling Broker represents the buyer in this transaction," what does this imply?

There is no dual agency
There is full disclosure to all parties
Both brokers are working for their respective clients
One party is misrepresented

The correct answer is: Both brokers are working for their respective clients

The statement "The Listing broker represents the seller and the selling Broker represents the buyer in this transaction" indicates that each broker is advocating for their respective clients' interests. This implies that both brokers are functioning within the bounds of agency law, where the listings agent has a fiduciary duty to the seller and the selling agent has a fiduciary duty to the buyer. Having separate representatives allows for a clear delineation of loyalty and responsibilities, thus ensuring that both parties receive dedicated support and guidance throughout the transaction. This arrangement is beneficial because it helps to safeguard each client's needs and objectives, allowing for a more focused negotiation process tailored to each side's interests. This distinction also clarifies that neither broker is acting in a dual agency capacity, which could create conflicts of interest since they would then represent both parties simultaneously. By maintaining separate agents, each party can feel secure that their best interests are being prioritized during the sale or purchase of the property.