Under Tennessee's Agency Relationships in Real Estate Transactions Act, which of the following is NOT a required element for a valid dual agency arrangement?
Correct Answer
A) Prior written approval from the Tennessee Real Estate Commission
Tennessee law does not require prior written approval from TREC to enter into a dual agency arrangement. The requirements under Tenn. Code Ann. § 62-13-401 et seq. are that both the buyer and seller provide written informed consent and that the dual agency relationship is disclosed to both parties. TREC pre-approval is not part of this process.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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.
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