In a designated agency, the principal broker or managing broker is referred to as what?

In a designated agency, the principal broker or managing broker is referred to as a designated agent. This term is critical in understanding the structure of designated agency, where specific brokers are assigned to represent particular clients in a real estate transaction. The designated agent has the responsibility to act on behalf of the principal, ensuring that the principal's interests are prioritized while still adhering to the ethical and legal obligations of a real estate professional.

In the context of designated agency, the managing broker or principal broker oversees the agents in the firm but does not directly represent the clients unless they have been specifically designated to do so for a particular transaction. This structure allows for one-on-one representation while helping to manage potential conflicts of interest within a brokerage firm.

The other terms mentioned have distinct meanings that do not apply to the role of the principal broker in a designated agency setting. A single agent typically represents one party in a transaction, a dual agent represents both parties, and an independent contractor refers to the working relationship rather than a role in client representation.