Under North Dakota Administrative Code Title 70, which type of agency relationship exists when a single broker represents both the buyer and the seller in the same real estate transaction with the written consent of both parties?
Correct Answer
A) Dual agency
Under North Dakota Administrative Code Title 70, dual agency occurs when one broker represents both the buyer and the seller in the same transaction. This arrangement requires the written informed consent of both parties before proceeding. NDREC rules specifically address the disclosure and consent requirements for dual agency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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