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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
Mentioned in ?
References in periodicals archive ?
However, the CFA is calling for new reforms, including the prohibition of dual agency, which is already illegal in eight states, and full disclosure of agency at the first substantive contact with the client.
Florida's Rule 5H is the strongest incarnation of law and rulemaking in the nation to address fraud by both misrepresentation and concealment, undisclosed dual agency, and secret profit-taking in horse sales.
The complaint filed in Westchester County Supreme Court on July 14 quotes a former New York State Department attorney as saying: "if dual agency is disclosed properly, there isn't anyone in their right mind who would agree to it."
The team at Sage never performs dual agency, because they never want to have a conflict of interest.
Leader spent some time as a dual agency dealing with both public relations and advertising but ultimately it came to specialise in the former.
Relevant ethical principles include autonomy, beneficence, confidentiality, and dual agency. A review of all these ethical issues is beyond the scope of this article, so here I highlight confidentiality and dual agency.
Dual agency, the act of representing both the buyer and the seller in a property transaction, is becoming increasingly common as buyers shop for houses on the Internet, contacting the seller's agent directly, the New York Times reported.
However, if you want someone who can help you come up with the best offer, steer away from a dual agency agreement, says Doug Miller, a real estate attorney and executive director of the Navarre, Minnesota-based nonprofit Consumer Advocates in American Real Estate.
Previous research has highlighted noteworthy issues in performing these evaluations, for example, showing underappreciation of the concept of dual agency (the conflict between serving as the treating physician and as an objective evaluator) and poor agreement among psychiatrists as to whether a patient is in fact disabled.
"A dual agency approach results in earlier notification of incidents between services leading to earlier deployment of resources."
The legislative committee did pass an amendment to a law regarding dual agency in horse sales, which went into effect last year.