Under Maryland law, which document must a Maryland licensee use to obtain consent for dual agency or intra-company agency from the parties to a transaction?
Correct Answer
B) The MREC-mandated Consent for Dual Agency form, which must be signed by both parties
Maryland law requires the use of the MREC-mandated Consent for Dual Agency form to obtain written informed consent for both dual agency and intra-company agency. This specific form is prescribed by the Maryland Real Estate Commission and must be signed by both the buyer and the seller before the dual agency or intra-company agency relationship may proceed. Using any other form or method does not satisfy the statutory requirement. This is governed by Md. Code Ann., Bus. Occ. & Prof. § 17-530 and MREC regulations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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