Single Agency, Dual Agency and Transaction Broker Relationship
What is Agency?
Dual agency is outlawed in many states, including Florida. The issue with dual agency is that the sales associate (licensed agent) enters into a relationship with a client to whom he or she owes a fiduciary duty, also known as obedience, loyalty, disclosure and confidentiality but he or she couldn't do that for both. She is working on behalf of one client in all matters pertaining to a specific real estate transaction. That is the definition of agency. In Florida, we refer to having a fiduciary duty as single agency.
The Problem with Dual Agency
Dual agency is just what it says it is: an attempt to act in both the buyer and seller’s best…