Agency
Under Maryland agency law, a 'disclosed dual agent' must:
ARepresent the seller only
BObtain written consent from both buyer and seller before acting as dual agent✓ Correct
CWithdraw from the transaction immediately
DRepresent the buyer only
Explanation
A disclosed dual agent in Maryland must obtain written informed consent from both the buyer and the seller before proceeding with dual representation.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same 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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