Agency
A Montana licensee working with a buyer in a transaction where their firm also holds the listing must:
AWithdraw from the transaction immediately
BDisclose the potential conflict and obtain written consent for dual or designated agency✓ Correct
CRepresent only the seller since the listing came first
DRefer the buyer to a competing brokerage
Explanation
When a Montana brokerage represents both buyer and seller, they must disclose the potential dual agency conflict and obtain written informed consent from both parties before proceeding.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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