What must be disclosed in a dual agency situation?

In a dual agency situation, it is crucial that the agent informs both parties involved in the transaction and obtains their consent. This is because dual agency occurs when an agent represents both the buyer and the seller in the same transaction, which can lead to conflicts of interest. Full disclosure ensures that both parties understand the implications of the dual agency relationship, including the limitations that may arise in the agent's ability to advocate fully for either party.

Consent is fundamental in this scenario, as it allows both the buyer and the seller to acknowledge the potential challenges and agree to proceed with the agent in their dual role. By doing so, the agent upholds ethical standards and maintains transparency, which is vital to building trust and ensuring a smooth transaction process. Other aspects like commission rates, property history, and personal financial interests are important in real estate, but they do not encompass the primary requirement of disclosure and consent in a dual agency context.