Agency
A Maine real estate brokerage may represent both the buyer and seller as a dual agent only if:
AThe transaction involves a new construction home
BBoth parties give informed written consent before the dual agency is created✓ Correct
CThe commission is reduced to 3% total
DThe broker has been in business for over 10 years
Explanation
Maine allows dual agency only with the informed written consent of both buyer and seller, obtained before the dual agency arises. This consent must acknowledge the limitations on the broker's duties.
Related Maine Agency Questions
- In Maine, a transaction broker:
- Under Maine's agency disclosure requirements, when a listing agent first meets a potential buyer, the agent represents:
- In Maine, when a listing agent's client (seller) receives a full-price offer but with conditions the seller dislikes, the agent should:
- Under Maine agency law, the duty of 'obedience' means the agent must:
- A Maine licensee who represents a seller must disclose to all buyers:
- A Maine buyer's agent who learns that the seller is going through a divorce and must sell quickly has a duty to:
- Maine law requires a real estate agent to present ALL written offers to the seller:
- In Maine, a 'buyer's agent' owes fiduciary duties exclusively to:
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