What does "dual agency" mean in Nebraska real estate practice?

Dual agency in Nebraska real estate practice refers to the situation where one real estate agent represents both the buyer and the seller in a single transaction. This arrangement can create a unique dynamic since the agent must navigate the interests of both parties, ensuring that they fulfill their responsibilities while maintaining fairness and transparency. It is critical that both the buyer and seller are fully informed and provide consent to this arrangement, as the agent's ability to advocate for either side may be limited due to their commitment to both clients.

This definition is vital in understanding how conflicts of interest can arise in dual agency scenarios and highlights the importance of clear communication and disclosure in the real estate process. In contrast, the other options refer to different concepts in real estate practice, such as property management, multi-state operations, or collaborative selling, which do not align with the definition of dual agency.