Question

Which of the following is true concerning dual agency?

1) It may be either written or oral with both parties to a transaction.
2) It may be general in nature concerning the types of transactions.
3) It must be by written consent by all parties to a transaction.
4) It is valid only when all the clients' interests are the same.

Answer 1

Dual agency refers to a situation in which a real estate agent represents both the buyer and the seller in a transaction. It is required to have written consent from all parties involved.

Step-by-step explanation:

Dual agency refers to a situation in which a real estate agent represents both the buyer and the seller in a transaction. Regarding the options provided:

1. False: Dual agency must be in writing and requires the consent of both parties involved.
2. False: Dual agency is specific to a particular transaction, not general.
3. True: Dual agency requires written consent from all parties involved.
4. False: Dual agency is valid only when the agent can fairly and impartially represent the interests of both the buyer and the seller, even if their interests differ.

Therefore, the correct statement is option 3) It must be by written consent by all parties to a transaction.