Question

Informed written consent to disclosed dual agency shall be deemed to have been timely obtained if all of the following occur:

1. The seller, at the time an agreement for representation is entered into between the broker and buyer, gives written consent to dual agency by signing the "consent to dual agency" portion of MREC Form A

2. The buyer, at the time an agreement for representation is entered into between the broker and buyer, gives written consent to dual agency by the signing the "Consent to Dual Agency" portion of MREC Form A

3. The Broker must confirm that the buyer understands and consents to the consensual dual agency relationship PRIOR to the signing of an offer to purchase.

4. The Broker must confirm that the seller also understands and consents to the consensual dual agency relationship prior to presenting the offer to purchase

Answer 1

Informed written consent for dual agency in real estate must be clearly documented and understood by all parties using a form such as MREC Form A. This is similar to how informed consent in research ensures participant awareness and voluntary participation while protecting their rights.

Step-by-step explanation:

The concept in question relates to dual agency in real estate, where a broker or agent represents both the seller and the buyer in a transaction. Timely and informed written consent is critical in this scenario to ensure the ethical management of potential conflicts of interest. Consent must be clearly documented using specific forms like MREC Form A and require that both parties (the seller and the buyer) and the broker understand and agree to the dual agency setup before moving forward with any offer to purchase.

Analogous to the dual agency consent is the requirement of informed consent in research studies overseen by an Institutional Review Board (IRB). Participants must be fully aware of the research implications and confirm their voluntary participation by signing an informed consent form. This process is designed to protect the confidentiality and rights of the participants.