What term describes an agent who represents both the buyer and the seller in a transaction?

The term that describes an agent who represents both the buyer and the seller in a transaction is dual agency. This occurs when a single real estate agent or brokerage has a fiduciary responsibility to both parties involved in the sale of a property. Dual agency is a unique relationship that requires careful management, as the agent must navigate the interests of both the buyer and the seller without compromising the obligations owed to either side.

In many jurisdictions, dual agency is permitted but comes with specific regulations intended to ensure that both parties are treated fairly. The agent must disclose their dual agency status and obtain consent from both the buyer and the seller, which underscores the importance of transparency in such arrangements.

In contrast, the other terms do not describe the same relationship. An exclusive agency refers to a situation where a seller grants one agent the exclusive right to sell their property, but the seller retains the right to sell it themselves. Single agency pertains to a situation where an agent represents only one party (either the buyer or the seller). A transaction broker acts as a facilitator in the transaction without representing either party in a fiduciary capacity, maintaining a neutral position throughout the process.