What does "dual agency" mean in Indiana real estate transactions?

In Indiana real estate transactions, "dual agency" refers to a scenario where a single broker represents both the buyer and the seller in the same transaction. This means that the broker acts as an intermediary, facilitating communication and negotiation between both parties while managing their interests. This arrangement requires the broker to maintain impartiality and fairness, as the broker must navigate potential conflicts of interest that arise from representing both sides.

It's essential for both the buyer and the seller to give informed consent to this dual agency relationship, as it can limit the broker's ability to fully advocate for one party's position over the other. Proper disclosure is crucial, and the broker must ensure that both parties understand the implications of a dual agency. This understanding is necessary as it affirms the trust and transparency required in a real estate transaction.

The other choices present different forms of representation that do not accurately describe dual agency. For instance, a broker representing only the seller or only the buyer would be seen as single agency, whereas a situation without any broker involved does not pertain to the concept of agency in real estate transactions at all.