Agency (alternative)
Under Maryland's dual agency rules, a dual agent must obtain informed consent from:
AThe seller only
BThe buyer only
CBoth the buyer and the seller✓ Correct
DOnly the party who initiates the transaction
Explanation
Maryland law requires informed written consent from BOTH the buyer and the seller before a licensee or brokerage may act as a dual agent representing both parties.
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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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