Agency
Under South Carolina law, dual agency occurs when:
ATwo brokerages each represent different parties
BOne licensee represents both buyer and seller in the same transaction✓ Correct
CA broker supervises two salespersons on the same deal
DBoth parties sign the same listing agreement
Explanation
Dual agency in South Carolina exists when a single licensee (or brokerage) represents both the buyer and the seller in the same transaction. Both parties must give informed written consent.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
State-Specific Concepts
Broker Supervision
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