Broker Linda operates a Maryland brokerage. Licensee Kevin represents the seller, and licensee Priya represents the buyer in a transaction involving a home in Baltimore County. Both Kevin and Priya are affiliated with Linda's brokerage. Linda wants to proceed with the transaction. Which of the following is required under Maryland law before the transaction may continue as an intra-company agency arrangement?
Correct Answer
A) Both the buyer and the seller must provide written informed consent to the intra-company agency arrangement
Maryland law requires that both the buyer and the seller provide written informed consent before an intra-company agency arrangement may proceed. This consent must be obtained before the conflict arises—that is, before the offer is made—and must be documented using the MREC-mandated Consent for Dual Agency form, which covers both dual agency and intra-company agency situations. This is governed by Md. Code Ann., Bus. Occ. & Prof. § 17-530.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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