For the Mississippi salesperson state portion, a Mississippi broker seeks to represent both buyer and seller in the same transaction. Which statement is correct?
Correct Answer
A) The broker must obtain informed written consent from all parties prior to or at formalization of the disclosed dual agency
MREC Rule 4.3 requires informed written consent of all parties before or at formalization of disclosed dual agency. Source basis: MREC Rules and Regulations Rev. 02-21-2025, Part 1601 Chapter 4: Rule 4.2 definitions and Rule 4.3 disclosure requirements, including first substantive meeting, single agency disclosure, dual agency consent, changed agency forms, oral/unavailable signature handling, and completed disclosure forms. Checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
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