Florida Real Estate Practice Exam

Alison is providing limited representation to a buyer and a seller in a single transaction. What role has she taken on?

1. Dual agency

2. General agency

3. Limited dual agency

4. Transaction brokerage

The correct answer is: Transaction brokerage

Transaction brokerage refers to the practice where an agent provides limited representation to both the buyer and the seller in a real estate transaction. In this scenario, Alison is not fully representing either party as a single agent, but is instead acting as a neutral intermediary. This limits her ability to advocate for the specific interests of either party, and therefore makes it different from the other options. Dual agency involves representing both parties in a transaction, which is not the case here since Alison is only providing limited representation. General agency refers to representing a client in a specific type of transaction or with a specific set of tasks, which is not applicable here as Alison is not fully representing either party. Limited dual agency is similar to dual agency, but with some restrictions on the agent's ability to fully represent both parties' interests, again not representative of this scenario. Therefore, transaction brokerage is the best and most accurate answer.