dual agency

Definition

When one agent represents both buyer and seller in the same transaction, creating a conflict of interest wrapped in a commission opportunity. It's like having the same lawyer represent both parties in a divorce.

Example Usage

Our agent suggested dual agency to 'simplify things,' which definitely simplified his path to a double commission.

Origin

Real estate practice that became controversial in the 1990s

Fun Fact

Dual agency is actually illegal in several states including Alaska, Colorado, and Florida, because even lawmakers recognized the obvious problem.

Source: Real estate agency and ethics terminology

Related Terms

Beginner

disclosures

Legal documents where sellers reveal known defects, issues, or stigmas about a property. It's where you learn that 'charming' means 'haunted' and 'original fixtures' means 'nothing works.'

🏠 Real Estate

Advanced

straw buyer

Someone who purchases property on behalf of another party who can't or won't reveal their identity, ranging from perfectly legal privacy plays to outright mortgage fraud. The real estate equivalent of a burner phone.

🏠 Real Estate

Beginner

Lot Size

The amount of land your property sits on, which matters a lot until you realize most of it is a setback you can't build on anyway. It's the real estate equivalent of buying a large popcorn that's mostly air.

🏠 Real Estate

Beginner

assessor

The government's official property stalker who determines how much your home is worth for tax purposes, usually right after you've renovated. These specialists combine questionable math with drive-by appraisals to decide your financial fate. They're like real estate agents, except they work for the taxman and nobody's happy to see them.

🏠 Real Estate

Advanced

pocket listing clause

A contractual provision allowing agents to market properties privately before hitting the MLS, theoretically to preserve privacy but occasionally to preserve the agent's double commission. The VIP room of real estate.

🏠 Real Estate

Intermediate

carrying costs

Ongoing expenses of property ownership including mortgage, taxes, insurance, utilities, and maintenance while holding property for investment. These costs literally 'carry' you financially from purchase to sale, often eating profits investors forgot to calculate.

🏠 Real Estate

Translate This Term

See “dual agency” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Beginner

sotc

stupid off topic crap...