Agency
Arizona requires that dual agency (limited representation) be disclosed and consented to:
AVerbally at closing
BIn writing, with informed written consent from both parties✓ Correct
COnly by the seller, since the seller pays the commission
DAt any point before the transaction closes
Explanation
Arizona law requires written, informed consent from both the buyer and seller before a broker can act in a dual agency (limited representation) capacity. This consent must be obtained before the dual agency situation arises.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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