Broker Jennifer at Acadia Real Estate in Bar Harbor represents both the seller and the buyer in the same transaction, with the informed written consent of both parties. Under Maine's Real Estate Brokerage Act, which of the following duties does Jennifer owe to BOTH parties in this dual agency relationship?
Correct Answer
D) Disclosing all known material defects affecting the property
In a dual agency relationship under Maine law, the agent cannot fully advocate for either party's negotiating position, but retains the duty to disclose all known material defects to both parties. Disclosure of material facts that affect the property's value or desirability is a duty owed to all parties in any agency relationship, and it is not diminished by dual agency status.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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