Agency and Dual Agency in Mississippi
Mississippi requires licensees to disclose their agency relationship and to obtain written consent before acting as a dual agent. This chapter covers agency disclosure, the recognized relationships, and the written-consent rule for representing both sides.
Agency Disclosure
Mississippi licensees must disclose in writing whom they represent so that buyers and sellers understand whether the licensee is a listing agent, a buyer's agent, or a disclosed dual agent before confidential negotiating information is shared. The Commission's agency rules require the disclosure to be made and documented early in the relationship. Disclosure protects consumers and helps the licensee avoid later claims of undisclosed representation.
Dual Agency by Written Consent
A licensee may represent both the seller and the buyer in the same transaction as a dual agent only with the informed written consent of both parties. Because a dual agent cannot fully advocate for either side, the licensee must not disclose confidential information such as a party's bottom-line price. The responsible broker is accountable for ensuring the required written consents are obtained and retained.
Duties to Clients and Customers
An agent owes a client fiduciary-type duties including loyalty, obedience to lawful instructions, confidentiality, and full disclosure of material facts. To a customer who is not represented, the licensee still owes honesty and disclosure of known material defects. Understanding which duties are owed to whom is essential for a broker supervising a firm's licensees.