New Jersey Real Estate Practice Exam Practice Question
An agency relationship is established between the broker and
Correct Answer: B
Rationale: An agency relationship is fundamentally established between the broker and the principal, who is the party that engages the broker to act on their behalf in a transaction. This relationship is characterized by trust, responsibility, and fiduciary duties.
Option A is incorrect as another broker does not create an agency relationship; they may collaborate but do not represent each other. Option C is also wrong; a multiple listing service (MLS) is a tool used by brokers to share listings, not a party in an agency relationship. Option D misrepresents the relationship; a customer is typically a party to a transaction but does not establish an agency relationship with the broker.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now