Idaho Real Estate Practice Exam

Who acts as the agent for the seller in a real estate transaction?

1. The buyer

2. The listing agent

3. The transaction coordinator

4. The buyer's agent

The correct answer is: The listing agent

In a real estate transaction, the agent for the seller is the listing agent. This professional represents the seller's interests throughout the process, from pricing the property and marketing it to potential buyers, to facilitating negotiations and closing the transaction. The listing agent's primary responsibility is to ensure that the seller’s needs and objectives are met, which includes providing advice on how to attract buyers and maximize the sale price. The listing agent often works under a contractual agreement with the seller, known as a listing agreement, which outlines the terms of their representation. This relationship includes fiduciary duties such as loyalty, confidentiality, and full disclosure. Other roles, such as the buyer or the buyer's agent, represent opposing interests, as they are focused on the buyer's needs and objectives. The transaction coordinator, while essential for managing the paperwork and timelines in the process, does not act in a fiduciary capacity for either party. Thus, the listing agent is distinctly positioned as the seller’s representative, making them the correct answer in this scenario.