Final answer:
Acting as a dual agent with knowledge and consent is an acceptable business practice when written consent is obtained. This transparent action ensures all parties are aware and agree to the dual representation. It is legal and ethical with the proper disclosures.
Step-by-step explanation:
Acting as a dual agent with the knowledge and written consent of all parties involved is an acceptable business practice. A dual agency situation occurs when a single real estate agent represents both the buyer and the seller in a property transaction. It is crucial for the agent to obtain the written consent of both parties in order to proceed lawfully and ethically. This consent ensures that all parties are aware of the potential conflicts of interest and agree to the arrangement. Without written consent, acting as a dual agent could be seen as a violation of license law because it could compromise the agent's ability to act in the best interest of both the buyer and the seller. However, with proper disclosure and agreement from all involved, dual agency can be conducted legally and professionally.