Agency
A Delaware broker represents both the seller and the buyer in the same transaction. The broker must:
AWithdraw from the transaction to avoid a conflict of interest
BObtain the informed written consent of both parties before proceeding as a dual agent✓ Correct
CRepresent only the party who hired them first
DAutomatically become a transaction broker
Explanation
Dual agency in Delaware is legal but requires the full informed written consent of both the buyer and the seller before the broker can proceed to represent both parties in the same transaction.
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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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