What type of agency does Broker Tim's company practice?

Broker Tim's company practices designated agency, which means that the company has multiple agents, but only certain agents represent specific clients in a transaction. This allows for a more personalized and focused service, as the designated agent has a fiduciary duty to act in the best interests of their specific client, while the agency as a whole can represent buyers and sellers in different transactions.

In designated agency, there is a clear differentiation of representation; the agent assigned to a particular client is the only one who can take direct action on behalf of that client. This system helps to avoid conflicts of interest that might arise in other types of agency arrangements, ensuring transparency and loyalty to the client.

The other forms of agency mentioned have different structures and implications. Exclusive agency typically refers to a situation where an agent has exclusive rights to represent a client, but the client can still sell the property without the agent's involvement. Dual agency involves a single agent representing both the buyer and seller in the same transaction, which can create complications regarding representation and fiduciary duty. Open agency allows multiple agents to represent the same client, which can lead to less accountability. Each of these options operates under different principles, highlighting the effectiveness of designated agency in maintaining clear representation.