What is required for a broker to represent both parties in a dual agency situation?

In a dual agency situation, for a broker to legally represent both the buyer and the seller, it is essential that there is written consent from both parties involved in the transaction. This requirement ensures transparency and protects the interests of both parties, as they are made fully aware of the broker's dual role and the potential conflicts of interest that may arise.

Written consent serves as documentation that both parties agree to the arrangement and understand the implications of having the same broker represent them. This is particularly critical in real estate settings, where fiduciary responsibilities could be compromised if dual agency is not properly disclosed and agreed upon.

In contrast to the correct choice, relying solely on an oral agreement does not provide the necessary legal protection or clarity for either party. Likewise, only obtaining the buyer's consent would leave the seller's interests unaddressed, which further complicates the situation. Formal approval from the real estate board is also not required, as it is the mutual agreement between the broker and the parties involved that governs the dual agency relationship.