In Alberta, what is required when a real estate professional represents both buyer and seller in the same transaction?

Option B: Verbal agreement from both parties

Verbal agreement is insufficient under Alberta regulations. The Real Estate Act requires written informed consent for dual agency arrangements. Verbal agreements lack the documentation necessary to prove that proper disclosure was made and consent was obtained. Written consent provides legal protection for all parties and ensures the agent has met their regulatory obligations. RECA's standards emphasize the importance of documented consent to avoid disputes and regulatory violations.

Option C: RECA approval before proceeding

RECA approval is not required before proceeding with dual agency. While RECA regulates real estate practice in Alberta, they do not pre-approve individual dual agency transactions. The responsibility lies with the licensee to ensure proper disclosure and obtain written consent according to established regulations. RECA's role is to set standards and investigate complaints, not to approve routine business transactions that comply with existing rules.

Option D: Dual agency is prohibited in Alberta

This is incorrect because Alberta explicitly permits limited dual agency under specific conditions. Unlike some jurisdictions that prohibit dual agency entirely, Alberta allows it with proper safeguards. The Real Estate Act and RECA regulations provide a framework for dual agency while protecting consumer interests through mandatory disclosure and consent requirements. Prohibiting dual agency would eliminate a legitimate business practice that can benefit clients when properly managed.