Agent Paul listed a home in Baltimore County for seller client Grace. Buyer client James, who is represented by agent Wendy from the same brokerage as Paul, wants to make an offer on Grace's home. Paul and Wendy's broker informs all parties that this is an intra-company agency situation. Under Maryland law, which of the following statements is accurate?
Correct Answer
B) Intra-company agency in Maryland requires written informed consent from both Grace and James before the situation proceeds
Maryland's statutory framework specifically defines and regulates intra-company agency as a distinct relationship from dual agency. When two agents from the same brokerage represent the buyer and seller in the same transaction, both the buyer (James) and seller (Grace) must provide written informed consent before the intra-company agency situation proceeds. This is a Maryland-specific requirement that is directly tested on the state exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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