Agency
In a dual agency situation in Michigan, the agent must:
AAdvocate strongly for the buyer's price position
BAdvocate strongly for the seller's price position
CObtain informed written consent from both parties and remain neutral✓ Correct
DWithdraw from representing either party
Explanation
Michigan allows dual agency only with the informed written consent of both buyer and seller. The dual agent must remain neutral and cannot advocate for either party's price or terms.
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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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