Agency
Indiana's 'informed consent' requirement for dual agency means the agent must disclose to both parties:
AOnly that dual agency exists
BThe nature of dual agency, the limitations on the agent's duties (such as inability to advocate fully for either party), and obtain written consent before proceeding✓ Correct
CThe other party's financial information
DAll offers received on the property
Explanation
Informed consent for dual agency requires full disclosure of what dual agency means — the limitations it places on the agent's ability to advocate for either party — so both parties can make an informed decision to accept or reject dual 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.
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