Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Dual agencies can occur with one or two agents. In this case, the agent is acting as a dual agent. BE WARY OF DUAL AGENCY. With the growing number of very large and widespread brokerages, the issue of dual agency arises more frequently than ever before. To understand this further, you have to remember that the agent is not really the one who is being hired-the broker is. The dual agency definition is commonly referred to when a real estate agent is representing both buyer and seller in the same real estate transaction. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency; Whether your agent has to explain what dual agency is; Whether buyers and sellers must agree to dual agency … Limited Dual Agency w/Assigned Agents. If you are a seller’s agent, you represent the seller. Information: Idaho Real Estate Commission Official Website In fact, I am required by law to explain agency law at my first meeting with a prospective buyer or seller client. In a dual agency with a single agent, potential buyers may ask a seller’s real estate agent to submit an offer on their behalf. Most real estate agents understand the basics of agency law. In some situations, a brokerage that has obtained consent to represent both parties as a limited dual agent may assign individual licensees to act solely on behalf of each party. One of my duties as a real estate agent is to explain how agency law works in Massachusetts. In some states, dual agency can mean two agents working for the same company, each representing a buyer and seller (often referred to as designated agency). First of all, thanks for clarifying between single agent and brokerage dual agency. Dual agency in a real estate transaction means the broker represents both the seller and the buyer. A dual agency with two agents can occur when the buyer’s agent and the seller’s agent are licensed under the same broker. Instead, dual agents owe limited fiduciary duties. How Does Dual Agency Work? Because a dual agent is working in a potential conflict-of-interest situation — one client (the seller) wants to get as high a price as possible, while the other client (the buyer) wants to pay as little as possible — the agent can’t take sides or give advice. When a real estate agent represents both parties in a real … Per Chapter 20 Idaho Real Estate License Law. Limited Dual Agent or Assigned Agent. Anyway, the ONLY argument I have seen FOR single agent dual agency that makes (some) sense is in the case of a short sale. Disclosed dual agent. If the agent does this, the agent would be acting as a dual agent. I have had conversations with sellers and brokers about the difference, but I never see it mentioned on the big REBlogs. A brokerage may represent both the buyer and the seller in the same transaction only as a limited dual agent and only with the express written consent of all other clients involved in the transaction. If you are a buyer’s agent, you represent a buyer. If you are unaware of this term, dual agency (also known as multiple representation or dual representation) is the practice of an agent representing both a homebuyer and the seller of said home in the same transaction. 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