How Does Dual Agency Work? Instead, dual agents owe limited fiduciary duties. Real Estate agents can essentially do one of three things; represent a seller, a buyer or both. If the agent does this, the agent would be acting as a dual agent. Limited Dual Agent or Assigned Agent. A dual agency with two agents can occur when the buyer’s agent and the seller’s agent are licensed under the same broker. Most real estate agents understand the basics of agency law. In some states, dual agency can mean two agents working for the same company, each representing a buyer and seller (often referred to as designated agency). Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Disclosed dual agent. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency; Whether your agent has to explain what dual agency is; Whether buyers and sellers must agree to dual agency … I have had conversations with sellers and brokers about the difference, but I never see it mentioned on the big REBlogs. Because a dual agent is working in a potential conflict-of-interest situation — one client (the seller) wants to get as high a price as possible, while the other client (the buyer) wants to pay as little as possible — the agent can’t take sides or give advice. In fact, I am required by law to explain agency law at my first meeting with a prospective buyer or seller client. If you are a seller’s agent, you represent the seller. With the growing number of very large and widespread brokerages, the issue of dual agency arises more frequently than ever before. When a real estate agent represents both parties in a real … Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Anyway, the ONLY argument I have seen FOR single agent dual agency that makes (some) sense is in the case of a short sale. In this case, the agent is acting as a dual agent. One of my duties as a real estate agent is to explain how agency law works in Massachusetts. First of all, thanks for clarifying between single agent and brokerage dual agency. In some situations, a brokerage that has obtained consent to represent both parties as a limited dual agent may assign individual licensees to act solely on behalf of each party. Any purchaser, seller, lessor or lessee confronted with a dual agency issue by their real estate agent should not take the issue lightly. BE WARY OF DUAL AGENCY. If you are a buyer’s agent, you represent a buyer. Dual agency in a real estate transaction means the broker represents both the seller and the buyer. A brokerage may represent both the buyer and the seller in the same transaction only as a limited dual agent and only with the express written consent of all other clients involved in the transaction. Dual agency has been causing a stir in the real estate world recently, due to the controversial opinions on the practice. If you are unaware of this term, dual agency (also known as multiple representation or dual representation) is the practice of an agent representing both a homebuyer and the seller of said home in the same transaction. In a dual agency with a single agent, potential buyers may ask a seller’s real estate agent to submit an offer on their behalf. Information: Idaho Real Estate Commission Official Website Limited Dual Agency w/Assigned Agents. Dual agencies can occur with one or two agents. Per Chapter 20 Idaho Real Estate License Law. 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