Under Alabama law, which term specifically describes the agency relationship in which a licensee represents both the buyer and the seller in the same transaction with the written informed consent of all parties?
Correct Answer
D) Limited consensual dual agency
Alabama Code §34-27-81 et seq. uses the precise statutory term 'limited consensual dual agency' to describe the situation where a licensee represents both buyer and seller in the same transaction. Written informed consent of all parties is required before the dual agency situation arises.
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Previous Question
Broker Walsh in Sitka is the designated broker of a small brokerage with only one other licensee, Agent Kim. Agent Kim is the buyer's agent for a client purchasing a property that is listed by Broker Walsh as the seller's agent. There are no other licensees in the brokerage. Under Alaska law, what is the most accurate description of the agency situation, and what action is required?
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In Alabama, which form of agency exists when a licensee represents only one party — either the buyer or the seller — in a real estate transaction?