Agency
In New Mexico, an agent may represent both the buyer and seller in the same transaction only if:
AThe commission is paid by only one party
BBoth parties give informed written consent to dual agency✓ Correct
CThe properties are under $200,000
DThe broker is the qualifying broker
Explanation
Dual agency (representing both buyer and seller) requires the informed written consent of both parties in New Mexico. Without consent, dual agency violates the agent's fiduciary duties.
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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.
Math Concepts
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