Final answer:
Dual agency occurs when both the buyer and seller agree to be represented by the same real estate agent or broker in a transaction.
Step-by-step explanation:
Dual agency in real estate refers to when a real estate agent or broker represents both the buyer and the seller in a transaction. Consent to dual agency occurs when both parties involved in the transaction agree to be represented by the same agent or broker.
For example, if a buyer and a seller both choose to work with the same real estate agent to negotiate and finalize a sale, they have given their consent to dual agency. This can be done by signing a dual agency agreement or providing written consent.
It's important for parties to understand that in a dual agency situation, the agent or broker has a fiduciary duty to both the buyer and the seller, and must act in the best interests of both parties.