Broker Linda's firm is representing both the seller and the buyer in the same residential transaction in Nebraska. Linda has obtained written informed consent from both parties. Under Nebraska law, this arrangement is best described as:
Correct Answer
A) Dual agency, which is permitted in Nebraska only with written informed consent from both parties
Nebraska law permits dual agency — where a single brokerage represents both the seller and the buyer in the same transaction — provided that both parties give written informed consent before the dual agency relationship begins. This is a recognized and regulated form of agency under the Nebraska Real Estate License Act. The broker must disclose the dual agency relationship and obtain written consent, after which the broker's fiduciary duties to each party are limited (e.g., the broker cannot disclose one party's confidential information to the other).
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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.
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