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That question has been asked over 342 times by mostly Utah school students. They post but does not discuss. The next student comes along......
Althea Kippes, Esq.
San Francisco, CA
Great question and answers.
You got all right answers. Best of luck.
The rules vary from state to state, and this is one thing you need to be clear on wherever you work - before you hit the streets! In many places it is against the law. In other places where you may legally do it, your broker may not permit it. It's generally a bad idea and a lawsuit waiting to happen, especially if you are a new agent.
When one agent cooks, cleans & does windows for all parties. If done well, it doesn't affect anyone. The trick is...can you do it. Easier said than done
I think the comments already posted cover the subject thoroughly. Most agents either practice it or won't touch it.
It Texas dual agency is not allowed in real estate transactions. If a broker is going to represent both parties one must do so as an intermediary.
Jay Thomas Carlson Dual agency is legal in my state, if properly disclosed and signed up to by all parties. Many people think it is representing both parties to the transaction, but that is not true. It is more of facilitating the transaction to a successful close.
It's something I don't do. It limits representation to the Seller and the Buyer.
Follow the requirements in your state.
It depends on your state where you are licensed. In California, it means a buyer and seller are represented by the same brokerage -- not necessarily the same agent or the same office of the brokerage.
This relationship needs to be disclosed in writing. Some clients don't like it, some don't care --- it occurs on a regular basis.
Agency is a tricky subject. Just ask the politicians who attempt to regulate it. It varies from state to state. Some things you just can't legislate!
I do not like to be a dual agent .
One agent representing both the seller and the buyer. In some difficult circumstanses it is the only way the deal would actually close.
Good morning Jay. I see dual agency situations once in a while, even folks that are not represented at all. They are not easy to work with.
Jay Thomas Carlson - in dual representation a buyer and seller are represented by the same real estate professional.
And answer to second part depends on how well the agent handles it.
It cuts down on the amount of adversarial situations between agents that often destroy deals.
But it also leaves the situation open for a conflict of interest.
The term "dual representation" is no longer used in our province. The term is now "multiple representation" and occurs at the brokerage level. It occurs on a regular basis here.
Jay Thomas Carlson This is an interesting good question.
The greatest thing since sliced bread, if you can get it!
Dual agency is when an agent is working with both the buyer and seller in a transaction.
It is something that does not exist in Oklahoma.
Dual Agency is illegal in Florida, although they replaced it with something called "Transaction Brokerage", which is remarkably similar.
The Buyer and Seller get "limited confidentiality" from the Transaction Broker.