Agency
To create a valid dual agency in Mississippi, a licensee must:
ASimply inform both parties verbally
BObtain informed written consent from both buyer and seller before acting as a dual agent✓ Correct
CFile a dual agency disclosure with MREC
DHave the broker sign the consent on behalf of all parties
Explanation
Dual agency in Mississippi requires informed written consent from both the buyer and the seller before the licensee proceeds to represent both parties. Without this consent, dual agency is an undisclosed conflict of interest.
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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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