PSI New Jersey Real Estate State Practice Exam

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Prepare for the New Jersey Real Estate Exam. Ace your test with comprehensive multiple-choice questions. Each question includes detailed explanations and hints. Start studying today and boost your confidence!

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A buyer-broker locates a property listed with another broker. Upon agreement of sale, the buyer-broker is acting as a:

Subagent of the listing broker
Dual agent
Independent contractor
Facilitator

The correct answer is: Subagent of the listing broker

In this scenario, the buyer-broker is acting as a subagent of the listing broker. This means that the buyer-broker has extended their services to assist the buyer in purchasing a property that is already listed with another broker, who controls the listing. As a subagent, the buyer-broker represents the interests of the buyer while still being under the umbrella of the listing broker's agency. Therefore, the buyer-broker owes duties to both the buyer and the listing broker, but the primary duty of loyalty and care remains towards the buyer in this context. This relationship emphasizes cooperation between brokers and can be beneficial as it allows the buyer-broker to facilitate the sale while still adhering to the listing broker's agreements and obligations. Other possible roles, such as dual agent or facilitator, imply different forms of representation or responsibilities which do not pertain to this specific situation where the buyer-broker is effectively representing the buyer in conjunction with the listing broker's agency. An independent contractor typically refers to the nature of the work agreement rather than the agency relationship in the context of real estate transactions.