Agency
In Arizona, when a broker represents both the buyer and seller in the same transaction, this is known as:
AExclusive agency
BLimited dual representation✓ Correct
CSingle agency
DTransactional brokerage
Explanation
Arizona uses the term 'limited dual representation' (often called dual agency in other states) to describe when a broker or brokerage represents both parties in a transaction. This requires informed written consent from both parties.
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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.
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