Agent Sandra represents seller Paul in the sale of his Columbia home. Buyer Rachel, who is unrepresented, makes an offer through Sandra. Paul agrees to allow Sandra to represent both himself and Rachel in the transaction. Under South Carolina law, this arrangement requires:
Correct Answer
A) Written informed consent from both Paul and Rachel using the SCREC-approved dual agency disclosure
South Carolina law requires written informed consent from both the buyer and seller before a licensee may proceed as a dual agent. The SCREC-approved dual agency disclosure form must be used. Both parties must understand and agree in writing to the limitations on the agent's duties that dual agency creates. This requirement is established under S.C. Code Ann. § 40-57-370.
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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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