Agent Leo is considering entering into a dual agency arrangement with seller Paula and buyer Quinn for a property in Frederick, Maryland. Under Maryland law, which of the following is NOT a requirement for a valid dual agency consent?
Correct Answer
D) The consent must be approved by the local Association of Realtors before it is effective
Approval by the local Association of Realtors is NOT a requirement for valid dual agency consent under Maryland law. The Maryland Real Estate Brokers Act and MREC regulations require only that consent be in writing, obtained before the dual agency begins, and documented on the MREC-mandated Consent for Dual Agency form signed by both parties. The local Association of Realtors has no role in approving or validating dual agency consent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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