Tom is a Delaware salesperson working under Broker Linda. Tom has been representing the Garcias as their seller's agent for several months. A buyer, Kevin, approaches Tom directly and asks Tom to help him purchase the Garcias' home. Tom wants to represent both parties in this transaction. Under Delaware law, this arrangement is known as:
Correct Answer
B) Disclosed dual agency
Under 24 Del. C. § 2973, when a Delaware licensee represents both the seller and the buyer in the same transaction, this is called 'disclosed dual agency.' Delaware law permits this arrangement only with informed written consent from all parties. The term 'disclosed dual agency' is the specific statutory term used in Delaware's Agency Relationships in Real Estate Transactions Act.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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