What must agents disclose regarding dual agency?

Agents must obtain informed consent from both parties when dealing with dual agency because this ensures that both the buyer and the seller understand the implications of having a single agent represent both sides in a transaction. Informed consent is critical in maintaining transparency and trust, as dual agency can create potential conflicts of interest.

When both parties are informed, they have the opportunity to acknowledge and agree to the arrangement, which is essential for compliance with real estate laws and regulations. This not only protects the interests of each party but also helps to establish a clear understanding of the agent's role and responsibilities in the transaction.

While being informed of potential conflicts and keeping parties updated on offers are important aspects of the agent's duties, they do not replace the necessity of obtaining explicit consent from both parties involved in a dual agency scenario. Providing a written report is not a standard requirement in this context, making informed consent the critical focus in dual agency situations.