MASSACHUSETTS CONSENT to DUAL AGENCY Mass Gov Mass Form
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People also ask
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Is dual agency allowed in Massachusetts?
A real estate broker or salesperson may act as a dual agent who represents both prospective buyer and seller with their informed written consent. A dual agent is authorized to assist the buyer and seller in a transaction, but shall be neutral with regard to any conflicting interest of the buyer and seller.
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What is the one fiduciary duty that continues beyond the agency relationship?
Confidentiality is the fiduciary duty that always survives the termination of the agency relationship between a real estate licensee and a client.
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Is dual agency allowed in Massachusetts?
A real estate broker or salesperson may act as a dual agent who represents both prospective buyer and seller with their informed written consent. A dual agent is authorized to assist the buyer and seller in a transaction, but shall be neutral with regard to any conflicting interest of the buyer and seller.
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What is the difference between a dual agent and a facilitator?
A Dual Agent has a duty of confidentiality and accounting to both parties. Reasonable Care and Skill will apply in the real estate transaction. Facilitator- also known as a Non-Agent or Transaction Broker/Salesperson. The Facilitator works to complete the transaction.
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What additional fiduciary duties do agents owe to their clients in dual agency quizlet?
Who does a single license dual agent owes fiduciary duties to? A single license dual agent owes fiduciary duties to both parties.
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What is the new real estate law in Massachusetts?
The New Massachusetts Commission Rule: What Has Changed? As of August 2024, sellers are no longer required to pay the buyer's agent commission. This responsibility now belongs to the buyer. This change promotes transparency and fairness in real estate transactions, clarifying who pays for what services.
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What fiduciary duties are limited in dual agency in Massachusetts?
A dual agent shall be neutral with regard to any conflicting interest of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent.
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What fiduciary duties are limited in dual agency?
A dual agent cannot have fiduciary duties to a seller or a buyer because the law limits their function in any transaction. Subsequently, a dual agent cannot focus on the seller's interests without considering the buyer's position. Therefore, a dual agent does not have a fiduciary duty.
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