Agency
What is the 'dual agency disclosure form' required in Idaho disclosed limited agency transactions?
AA form filed with IREC to register the dual agency
BA written document signed by both buyer and seller acknowledging the limitations of the agent's representation in a disclosed limited agency situation✓ Correct
CA form notarized by both parties
DA disclosure required only for transactions over $500,000
Explanation
When disclosed limited agency (dual agency) occurs in Idaho, the agent must obtain written informed consent from both buyer and seller. This document explains that the agent represents both parties and cannot advocate fully for either party, and that each party should understand they may benefit from independent representation.
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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.
State-Specific Concepts
Disclosure Requirements
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