Agency
Michigan dual agency is lawful when:
AOnly the seller consents
BBoth buyer and seller provide informed written consent✓ Correct
CThe transaction involves commercial property only
DThe two parties are related by family
Explanation
Michigan law permits dual agency only with the informed written consent of both the buyer and the seller. The agent must disclose the dual agency relationship and its limitations before either party can consent.
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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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