Maine Real Estate License Practice Exam

What conditions allow dual agency in Maine?

1. Both parties are fully informed

2. Both parties give consent

3. The consent is in writing

4. All of the above

The correct answer is: All of the above

In Maine, dual agency is a situation where a real estate agent represents both the buyer and the seller in a transaction. For dual agency to be allowable, several important conditions need to be met. First, both parties must be fully informed about the potential implications and conflicts of interest that may arise from dual agency. This means that each party understands that the agent has a responsibility to both sides, which can complicate the level of advocacy the agent can provide for each. Second, consent from both parties is crucial. This implies that both the buyer and the seller willingly agree to the dual agency arrangement. Without the explicit consent of both parties, the agent could be seen as favoring one party over the other, leading to potential legal challenges. Lastly, the consent must be in writing. This written consent serves as a formal acknowledgment that both parties accept the dual agency role of the agent, ensuring that there is a clear record of their agreement. The requirement that all these conditions are met—being fully informed, giving consent, and having that consent documented in writing—ensures transparency and protects the interests of everyone involved in the transaction. Thus, all of the conditions together are necessary for lawful dual agency in Maine.