What is needed for a broker to act as a limited agent?

For a broker to act as a limited agent, written consent from both the seller and the buyer is essential. This requirement is in place to ensure that all parties involved are aware of and agree to the limited nature of the representation. By obtaining written consent, the broker can effectively represent the interests of both parties while adhering to legal and ethical obligations. This consent clarifies the scope of the broker's responsibilities and helps to prevent potential conflicts of interest, thus protecting both the seller and the buyer in the transaction.

Verbal agreements, subagency contracts, or consent from only one party do not provide the necessary legal framework or transparency needed in real estate transactions, which is why they do not meet the requirements for a broker acting as a limited agent.