What must be done if a licensee has dual agency?

When a licensee is involved in dual agency, it is essential to obtain written consent from both parties involved in the transaction. This requirement stems from the need to ensure transparency and to protect the interests of all parties. Dual agency occurs when an agent represents both the buyer and the seller in the same transaction, which can create potential conflicts of interest. By obtaining written consent, the licensee demonstrates that all parties are aware of the dual representation and agree to it, minimizing the risk of misunderstandings or disputes.

Written consent also provides a record that the licensee has adhered to ethical obligations and legal requirements in managing the dual agency situation. This is crucial for maintaining trust and professionalism in real estate transactions, where effective communication and mutual agreement are foundational.

Therefore, the necessity for written consent from both parties is a fundamental principle to ensure that the dual agency is handled ethically and legally, promoting a fair and informed process for everyone involved.