Agency
When a Hawaii real estate agent represents both the buyer and seller in the same transaction, this is known as:
AA. Subagency
BB. Designated agency
CC. Dual agency✓ Correct
DD. Transactional brokerage
Explanation
Dual agency occurs when a single agent represents both the buyer and seller. In Hawaii, dual agency is legal but requires written informed 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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