Agency
What is 'informed consent' in the context of Hawaii dual agency?
AA. The buyer and seller agreeing on the purchase price
BB. Both parties knowingly and voluntarily agreeing in writing to dual representation after full disclosure✓ Correct
CC. The agent informing both parties about the property's condition
DD. Consent given verbally by both parties before signing any agreement
Explanation
Informed consent in dual agency requires that both parties receive full disclosure of the implications of dual agency and voluntarily agree in writing after understanding those implications.
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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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