A friend on MySpace found this awesome picture that does a great job illustrating what dual and designated agency is and why they are both a conflict of interest. This picture is definitely worth a thousand words.
Dual agency happens when one agent represents both buyer and seller in the same transaction or when one company assigns two different agents within their company to represent buyer and seller respectively in the same transaction. The effect of designated agency is the same as dual agency because the same broker (company) is "designating" two agents from his or her company to represent buyer and seller respectively in the same transaction. The effect is the all the same. It's dual agency no matter how you color it up. The cartoon above illustrates the effect of dual / designated agency loud and clear.
Merry Christmas to all!
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