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Dual agency

Dual agency is one brokerage representing both buyer and seller, or landlord and tenant, in the same transaction, which New York allows only with informed written consent.

Direct answer

What does dual agency mean?

Dual agency is one brokerage representing both buyer and seller, or landlord and tenant, in the same transaction, which New York allows only with informed written consent.

Exam cue: A dual agent cannot provide undivided loyalty to both principals. Look for disclosure and informed written consent.

What does it look like in a question?

Example

The listing broker also represents the buyer after both principals give informed consent in writing.

Common exam trap

What should you not confuse it with?

Working with both parties is not always dual agency. Representation, not contact, controls.

Related agency terms

AccountingAccounting is the fiduciary duty to safeguard and properly account for money, documents and property entrusted to the agent.AgencyAgency is a relationship in which an agent is authorized to act for a principal and owes duties within that relationship.Broker's agentA broker's agent is an agent from another firm engaged by a listing, buyer's or tenant's agent to help serve that agent's principal, with no direct relationship to the principal.ClientA client is a principal who is represented by a real estate agent.CustomerA customer is a person who receives services from a licensee but is not represented by that licensee as an agent.Designated sales agentA designated sales agent is a salesperson or associate broker assigned by the broker to represent one client when the same broker also represents another client in the deal.
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