Agency
Under Rhode Island law, 'informed consent' for dual agency must be:
AVerbal and noted in the broker's file
BWritten, signed, and provided to both parties before the dual agency arises✓ Correct
COnly required from the buyer
DOnly required from the seller
Explanation
Rhode Island requires written informed consent from both the buyer and the seller before a dual agency situation can legally proceed. The consent must be obtained before the conflict arises, not after.
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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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