Agency
In Tennessee, a limited dual agency is permitted when:
ATwo licensees from competing firms are involved
BBoth the buyer and seller give informed written consent to the dual agency✓ Correct
CThe principal broker personally supervises all showings
DThe transaction involves commercial property only
Explanation
Tennessee permits limited dual agency (where one licensee or firm represents both buyer and seller) only when both parties provide informed written consent acknowledging the limitations of the agent's duties in this arrangement.
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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.
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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