Agent Derek works for Chesapeake Realty. His colleague Agent Sandra, also at Chesapeake Realty, has a buyer client interested in one of Derek's listings. The two agents want to proceed with the transaction. Under Maryland law, what type of agency situation exists and what disclosure is required?
Correct Answer
B) This is intra-company agency requiring written informed consent from both the buyer and seller before the situation arises
When two agents from the same brokerage represent opposing parties in the same transaction, Maryland law defines this as intra-company agency (not dual agency). Maryland's statutory framework specifically distinguishes intra-company agency from dual agency. Intra-company agency requires written informed consent from both the buyer and seller before the situation arises. This is a uniquely detailed Maryland statutory requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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.
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