Idaho Real Estate Practice Exam

What is a key requirement of agents under Limited Dual Agency with Assigned Agents?

1. Full disclosure of commission rates

2. Exclusive representation of clients

3. Disclosure of their licensee status on agreements

4. Written consent from all parties

The correct answer is: Disclosure of their licensee status on agreements

The key requirement of agents under Limited Dual Agency with Assigned Agents involves the necessity for disclosure of their licensee status on agreements. This transparency is essential because it helps ensure that all parties involved understand the roles of the agents representing them. In limited dual agency, one brokerage may represent both the buyer and the seller in a transaction, but the broker must assign different agents to each party. Therefore, agents must clearly indicate their status as licensees in the agreements to avoid conflicts of interest and maintain trust in the relationship. The focus on proper disclosure ensures that clients are informed about who is acting on their behalf, which is vital for ethical practice in real estate. This kind of clarity also protects the agents and the brokerage from potential legal complications arising from misunderstandings about representation. While full disclosure of commission rates, exclusive representation, and written consent from all parties are important aspects of real estate transactions, they do not specifically capture the unique requirement that agents under Limited Dual Agency must disclose their licensee status.