In Michigan, broker Angela represents both the seller and the buyer in the same transaction. Both parties have been informed and have consented in writing. What type of agency relationship has Angela created under Michigan law?
Correct Answer
D) Dual agency
Under Michigan law (MCL 339.2512d and related provisions), when a single broker represents both the buyer and the seller in the same transaction with the informed written consent of both parties, this is called dual agency. Michigan permits dual agency only when both parties provide written informed consent after full disclosure.
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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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