dual agency

dual agency

A relationship in which an agent represents two principals—clients—who may have competing interests.Most often encountered when one agent in a real estate company has a listing on a property and represents the seller, and another agent has a buyer-agency relationship with a buyer interested in the same property. Technically speaking, the managing broker is the agent of both parties and acts as a dual agent.

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In Alberta law, if the salespersons work for the same licensed agent, then there is dual agency.
Dual agency is illegal in every state if not everybody involved in the transaction knows about the dual agency and consents to it.
The B61-12 LEP entered Development Engineering in February 2012 and is overseen by the Nuclear Weapons Council, a joint Department of Defense and Department of Energy/NNSA organization established to facilitate cooperation and coordination between the two departments as they fulfill their dual agency responsibilities for U.
The new rules come on the heels of a 2011 law that requires agents and brokers to inform buyers and sellers about who represents whom, especially in dual agency eases where a broker represents both the buyer and the seller, in writing.
The suit also alleges that by not "informing [the buyer and seller] of the dual agency or obtaining the written acknowledgement," the firm violated a rule against dual agency issued by the New York State Department of State, which grants and oversees real estate licenses.
THE Consignors and Commercial Breeders Association of Lexington, Kentucky has published a code of ethics for its members, which warns against the use of undisclosed commissions or dual agency in horse sales, whether public or private.
They could be the agent of both buyer and seller because these statutes officially recognized and condoned dual agency.
In the next column, we will look at dual agency (when the seller's agent also represents the buyer) and at the buyer's agent.
The dual agency approval makes Ametherm one of few manufacturers of these types of products.
His experience with several high profile real estate companies highlighted the dual agency conflicts that currently face the real estate industry.
The law requires licensed real estate agents and brokers to inform buyers and sellers about who represents whom, especially in dual agency cases where a broker represents both the buyer and the seller.
Undisclosed dual agency and secret commissions are the chief targets of the new law, which allows injured parties recourse to treble damages plus related legal costs.