In Kansas, broker firm ABC Realty has both the listing agent for a property and a buyer's agent for the same transaction working within the same brokerage. The firm wants to represent both the seller and the buyer in this transaction. Under BRRETA, what must the firm do to proceed legally?
Correct Answer
A) Obtain written informed consent from both the seller and the buyer to the dual agency or designated agency arrangement
Under K.S.A. 58-30,107, when a brokerage firm represents both the buyer and the seller in the same transaction (dual agency or designated agency), it must obtain written informed consent from both parties before proceeding. This written consent requirement is explicit under BRRETA and cannot be satisfied by verbal agreement alone.
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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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