Under Michigan's Occupational Code (MCL 339.2501 et seq.), what is the term used to describe a situation in which a single licensed broker represents both the buyer and the seller in the same real estate transaction?
Correct Answer
B) Dual agency
Michigan law recognizes 'dual agency' as the arrangement in which one broker (or brokerage) represents both the buyer and the seller in the same transaction. MCL 339.2517 permits dual agency only with the informed written consent of both parties.
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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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