Broker Kim at Northwoods Realty has a listing agreement with seller Tom. Buyer Lisa, who has no agency agreement with any broker, contacts Kim and asks to make an offer on Tom's property. Kim wants to enter into multiple representation. Under Wisconsin Administrative Code REEB 24, what must Kim obtain BEFORE proceeding with multiple representation?
Correct Answer
B) Written consent from both Tom and Lisa before the multiple representation begins
Under Wisconsin Administrative Code REEB 24, a broker must obtain written consent from BOTH parties before entering into a multiple representation relationship. This consent must be obtained before the multiple representation begins — not after an offer is written or at closing. Both the seller (Tom) and the buyer (Lisa) must provide written consent even though Lisa has not previously had an agency agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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