Final answer:
Selecting 'yes' to dual agency on a buyer representation agreement means that the buyer is consenting to the real estate agent or brokerage representing both the buyer and the seller in the property transaction, which could lead to conflicts of interest.
Step-by-step explanation:
When a buyer selects "yes" to dual agency on a buyer representation agreement, they are agreeing to a situation where the real estate agent or brokerage represents both the buyer and the seller in the same transaction. This means that the agent or brokerage will attempt to negotiate terms that are satisfactory to both parties, while owing fiduciary duties to both the buyer and the seller. Buyers should be aware that this can potentially lead to conflicts of interest since the agent would be serving two parties with different objectives.
Dual agency must be agreed upon in writing and the agent is required to disclose to both parties any information that could affect their decision to enter into the transaction. Therefore, when a buyer consents to dual agency, they acknowledge that they are giving informed consent to this arrangement and understand the potential implications and limitations of the agent's loyalty.