Agency
In Indiana, disclosed dual agency requires:
AOnly verbal consent from both parties
BWritten informed consent from both the buyer and the seller✓ Correct
CApproval from the Indiana Real Estate Commission
DThe managing broker to personally handle the transaction
Explanation
Indiana law requires that dual agency be disclosed and that both the buyer and seller provide written informed consent before the broker may 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.
Math Concepts
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