Dual Agency In Real Estate
Dual agency in real estate happens when a home’s listing agent also represents the buyer in the same transaction. In certain states, dual agency is allowed as long as it's disclosed and with the written consent of both buyers and sellers. Dual agency can occur with the involvement of a single agent or two agents. In a single agent scenario, a single agent acts as both the listing and buying agent. In a two agent scenario, both the buying agent and the listing agent are licensed under the same real estate broker. In Nevada, this type of dual agency can be avoided through the use of an assigned agency. Dual agency differs from single agency where a buying agent who represents the buyer is working in a single agency capacity as a buyer’s agent and the seller’s agent who represents the sellers is working in a single agency capacity as a listing agent. As with single agency, a dual agent has a fiduciary duty of honesty, truthfulness and full disclosure to the parties they represent. Representing both parties as a
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NRS 645.252 (1) (d) requires that the representation of more than one party in a real estate transaction may only be undertaken upon the licensee’s full disclosure to each party that he or she is acting for more than one party in that transaction and with each party’s consent to the multiple representation in writing. This is obtained through use of the state mandated Consent to Act form. As stated earlier, a dual agency can be avoided in Nevada through an assigned agency. In this type of agency, a broker assigns a single agent to a seller and a single agent to the buyer. It is this actual assignment of agents that prevents it from becoming a dual agency. It is important to note that assigned agency is its own type of agency and technically not a dual agency. There is also no written consent required in an assigned
NRS 645.252 (1) (d) requires that the representation of more than one party in a real estate transaction may only be undertaken upon the licensee’s full disclosure to each party that he or she is acting for more than one party in that transaction and with each party’s consent to the multiple representation in writing. This is obtained through use of the state mandated Consent to Act form. As stated earlier, a dual agency can be avoided in Nevada through an assigned agency. In this type of agency, a broker assigns a single agent to a seller and a single agent to the buyer. It is this actual assignment of agents that prevents it from becoming a dual agency. It is important to note that assigned agency is its own type of agency and technically not a dual agency. There is also no written consent required in an assigned