A Massachusetts real estate broker, Angela, operates as a sole proprietor. She lists a property for a seller and, during the transaction, discovers that her buyer client (with whom she has a separate buyer agency agreement) is interested in purchasing that same property. Angela wants to proceed as a dual agent. Under Massachusetts law and 254 CMR 3.00, which of the following is the most accurate statement about Angela's obligations before proceeding as a dual agent in this specific scenario?
Correct Answer
B) Angela must obtain informed written consent from both the seller and the buyer specifically acknowledging the dual agency before proceeding
Under 254 CMR 3.00, Massachusetts permits dual agency but requires that both the seller and the buyer provide informed written consent to the dual agency relationship before the broker proceeds in that capacity. The initial agency disclosure form provided at the first meeting is not sufficient consent to dual agency — it merely informs clients that dual agency is a possible relationship. When the actual dual agency situation arises, Angela must obtain specific written consent from both parties acknowledging and agreeing to the dual agency. Without this specific consent, proceeding as a dual agent violates BORREBS regulations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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