Final answer:
A dual agency affidavit is a legal document that declares the mortgage broker's relationship with both the buyer and the seller in a real estate transaction.
Step-by-step explanation:
A dual agency affidavit for a mortgage broker application is a legal document that declares the mortgage broker's relationship with both the buyer and the seller in a real estate transaction.
It is used when the mortgage broker represents both the buyer and the seller in the transaction, acting as a neutral intermediary. The affidavit outlines the responsibilities, duties, and potential conflicts of interest that may arise in a dual agency arrangement.
For example, the affidavit may include provisions for disclosing any confidential information that may be shared between parties and requirements for fair and unbiased representation.