Agency (alternative)
A Maryland broker who represents both parties in a single transaction as a dual agent must disclose this to:
AOnly MREC in the annual filing
BBoth the buyer and the seller in writing before proceeding✓ Correct
COnly the party who hired the broker last
DNeither party if both know the broker
Explanation
Maryland law requires a broker acting as a dual agent to provide written disclosure to and obtain written informed consent from BOTH the buyer and the seller before proceeding with 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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