Under Idaho law, which term describes the agency relationship in which a single brokerage firm represents both the buyer and the seller in the same real estate transaction with the written informed consent of both parties?
Correct Answer
B) Limited dual agency
Idaho Code § 54-2087 specifically authorizes 'limited dual agency,' which occurs when a single brokerage represents both the buyer and the seller in the same transaction. Written informed consent from both parties is required before this relationship may be established.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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