Final answer:
Disclosed dual agents must obtain written informed consent for dual representation from both buyer and seller, maintaining impartiality and full disclosure throughout the transaction.
Step-by-step explanation:
Brokers operating in the capacity of disclosed dual agents must obtain informed consent in writing from both parties. This consent normally takes the form of a dual agency agreement, where both the buyer and seller acknowledge that the broker represents both parties in the transaction and they are giving their permission for this dual representation. Additionally, the broker must practice impartiality and uphold their fiduciary duties to both clients, which include disclosure, confidentiality, accounting, and reasonable care.A dual agency situation can create a conflict of interest; therefore, it is crucial for the broker to manage it with transparency and fair dealing. The broker must balance the interests of both parties without favoring one over the other.Full disclosure of the dual agency relationship is essential, so all parties are aware of the broker's role and limitations in negotiating.Conclusion In summary, disclosed dual agents must secure written consent from both buyer and seller to ensure transparency and compliance with legal and ethical standards. Proper management of this relationship is essential to ensure fair and diligent representation of both parties involved.