Types of Agents and Agency Relationships in Maryland

Question 1

responsible for all dealings with a specific piece of your client’s property

Answer 1

general agent

Question 2

limited authority to act on behalf of your client.responsible for all dealings with a specific piece of your client’s property—or you may serve as a special agent—with limited authority to act on behalf of your client.

Answer 2

special agent

Question 3

Someone who is empowered to do anything the principal could do personally. This type of agent has the most authority; a universal agent’s authority is virtually unlimited.

Answer 3

universal agent

Question 4

a licensee who is appointed by the brokerage’s broker to represent one party in a dual agency (in-house) transaction. This form of agency, where two clients of the same agency are involved in a single transaction, is allowed in Maryland subject to very specific requirements. The broker appoints one licensee to act as the ICA for one party (the buyer, for example) and a different licensee to act as the ICA for the other party (the seller). In these situations, only the licensee appointed to the client owes fiduciary duties to that client.

Answer 4

An intra-company agent (ICA)

Question 5

The most straightforward form of agency, with the least risk for conflict of interest. require that the brokerage, and all the brokers and agents within that firm, act in a fiduciary capacity for either the buyer or the seller in a real estate transaction, but not for both. Single agency firms prohibit their licensees from representing opposing sides in a transaction.

Answer 5

Single agency