Final answer:
A written agreement for dual agency is always required in any situation where dual agency occurs. Option 4 is correct.
Step-by-step explanation:
In regard to the question about dual agency, the answer is 4) In all situations dual agency requires a written agreement. A dual agency situation arises when a real estate agent or broker represents both the buyer and the seller in the same transaction.
It’s important to note that dual agency can create a conflict of interest, therefore, it is strictly regulated and often requires explicit, written consent from both parties to ensure transparency and acknowledgment of the potential conflict.
There is no situation where a written agreement for dual agency would not be required if dual agency is occurring. When one agent represents both parties, they must disclose this situation and obtain written consent. If both parties are representing themselves (1), then there is no agency relationship. When an agent is representing only the buyer (2) or the seller (3), it is not a dual agency situation and thus does not require dual agency consent.
This is to ensure transparency and acknowledgment of potential conflicts of interest, as one agent represents both the buyer and seller in the same transaction.