Explain how dual agency is created and potential pitfalls of such agency representation.
There are several different types of agency representation relationships in the real estate industry. Of all of these relationships, dual agency real estate representation can be the most tricky to navigate.
Dual agency became a common practice after the Federal Trade Commission (FTC) released several surveys in the late eighties. Many real estate firms chose to participate in dual agency. Therefore, more than likely, you will encounter or engage in dual agency at some point in your career. As a real estate professional, it is crucial that you understand how dual agency works.
More specifically, if you do not fully understand the obligations associated with dual agency, you may find yourself in legal trouble. Unfortunately, it is easy to accidentally violate dual agency, or for clients to misunderstand the concept. Therefore, in order to safeguard your integrity and your career, you must understand dual agency front and back.
RealEstateCE.com offers a lesson on the dangers of dual agency real estate representation. Specifically, the risks and obligations involved in this agency representation.
There will always be risk involved in your real estate career. However, you can learn to manage and control that risk. Specifically, this real estate continuing education lesson you will teach you how to manage the risk involved in dual agency. The lesson begins with a discussion on the two key components to a successful dual agency real estate representation relationship.
It is crucial that you firmly understand these core concepts of dual agency. Without this understanding, you will not be able to safely work within a dual agency. The first of the two key concepts, informed consent, is discussed in depth.
Informed consent is a crucial part of dual agency real estate representation. If you do not include this in your dual agency with your clients, you may find yourself in legal trouble.
Our real estate continuing education lesson discusses this concept in depth. As a real estate professional, you need to inform both parties of the dual agency. Furthermore, there are specific steps which must be taken in order to properly obtain informed consent.
More specifically, how do you, as a dual agent, need to obtain informed consent? In order to safeguard your integrity and your career, you must know how to obtain lawful informed consent. When you are participating in a dual agency, you cannot leave anything to chance or miscommunication.
Our real estate continuing education lesson will discuss in depth this concept of informed consent. Nothing about this lesson will leave you guessing about informed consent. You will have peace at mind knowing that you are doing all you know how to obtain informed consent in a legal manner.
Our continuing education lesson discusses the next crucial part of dual agency: Disclosure.
Disclosure is just as important as informed consent. When you engage in dual agency with two parties, the disclosure must be adequate. Both parties must understand that you represent the opposite party, as well as them.
If not handled properly, a lack of disclosure can result in a legal trouble. This lack of disclosure is called an undisclosed dual agency. This concept is also discussed in our continuing education lesson. As a real estate professional, you must be able to identify and recognize an undisclosed dual agency.
Finally, our real estate continuing education lesson includes several in depth discussion of court cases involving dual agency.
These court cases will enhance the lesson. It will allow you to take the information you learn in this lesson and apply it to real-world scenarios. This will ensure that you get the most possible out of this lesson.
Dual agency is one of the many risks involved in your real estate career. RealEstateCE.com can teach you how to manage this risk.
Take RealEstateCE.com's lesson, Explain how dual agency is created and potential pitfalls of such agency respresentation, today!