Which are the three primary types of agency in real estate?

Study for the West Virginia Brokers Test. Prepare with comprehensive quizzes and insightful explanations for each question. Ace your exam and step forward in your real estate career!

The three primary types of agency in real estate are indeed seller agency, buyer agency, and dual agency.

Seller agency refers to the representation of the property owner by a real estate agent to assist in selling the property. In this arrangement, the agent's loyalty is to the seller, and their primary responsibility is to achieve the best possible price and terms for the seller's property.

Buyer agency, on the other hand, involves the representation of the buyer in a real estate transaction. The agent works exclusively for the buyer, helping them find properties that meet their needs and negotiating the best terms for the purchase.

Dual agency occurs when one agent represents both the buyer and the seller in the same transaction. This can create a conflict of interest, as the agent must balance the needs and interests of both parties. To engage in dual agency, agents must often have the consent of both parties and disclose their role clearly.

The other combinations listed in the options either introduce terms that don't align with common agency classifications in real estate or are not standard practices recognized in agency law. For example, partnership agency and collaborative agency are not typical terms used in the context of real estate agency relationships. Therefore, the correct identification of seller agency, buyer agency, and dual agency accurately reflects

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy