Arkansas Real Estate Practice Exam

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What must happen before the execution of the agency contract in a dual agency situation?

Verbal consent from all parties
Written consent from all parties
Approval from the Director
Notification to the Commission

The correct answer is: Written consent from all parties

Before execution of an agency contract in a dual agency situation, written consent from all parties must be obtained. This is to ensure that all parties are fully aware and have agreed to the terms and conditions of the agency contract. Verbal consent may not hold up in court, and therefore written consent is necessary for legal protection. Approval from the Director and notification to the Commission may be required, but they are not prerequisites for the execution of the agency contract.