The key to understanding this topic is to read the entire page! In many ways, the most inportant information (Disclosed Dual Agent) is at the end, but it is understood fully only by reading everything. 

Introduction
It is state law that each consumer be presented with an agency disclosure/relationship form at his or her first meaningful meeting with an agent. The consumer is to select the type of representation he or she wishes, or may elect to decline to sign the form and print instead. It is the agent's obligation to present the form, and even the printed (rather than signed) consumer name indicates the sales person obeyed the law. The form is NOT a contract!

On the form, "agent" is synonymous with "agency", not the individual sales person. This nuance is vitally important. (In other words, in dealing with me personally, consumers are electing whether or not Prudential Town and Country shall act as a Buyer's Agent or as a Seller's Agent.)

Whether you are the buyer or the seller, you can choose to have the advice, assistance and representation of your own agent. Do not assume that a broker is acting on your behalf unless you have contracted with that broker to represent you.

All real estate licensees must, by law, present properties honestly and accurately.

If you are a seller, you may authorize your listing agent to cooperate with agents (other firms) to help sell youR property. These cooperating agents may be subagents who work for the seller or buyers' agents.

If you are the buyer, you have the option of working with sellers' or buyers' agents. This decision will depend on the types of services you want from a real estate agent. A buyer should tell sellers' agents, including subagents, only what he/she would tell the seller directly.

The duties of a real estate licensee do not relieve the consumer of the responsibility to prOtect his/her own interests. Consumers with questions on whether and how real estate agents share fees should pose them to the agent. If you need advice for legal, tax, insurance or other matters, it is your responsibility to consult a professional in those areas.

Seller's Agent
When a seller engages the services of a listing broker, that seller becomes the broker's client. This means the broker, and its subagents, represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and c\accountability. They must put the seller's interest first and negotiate for the best price and terms for their client, the seller. (The seller may also authorize subagents to represent him/her in marketing its property to buyers.)

PERSONAL COMMENT: A buyer may also select seller agency if they do not wish to work exclusively with that one agent. This is the simple, "old fashioned" brokerage way. Just understand that under this scenario, the agent's client is the seller, not the buyer.

Buyer's Agent
When a buyer engages the services of a buyer's agent, then that buyer becomes the broker's client. This means the broker represents the buyer. This broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality, and accountability. The broker must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer.

PERSONAL COMMENT: Signing up a buyer's agent involves completing a contract, stating the time frame, price range, town(s) covered, and compensation arrangements under the contract.  

Disclosed Dual Agent
A broker(company) can work for both the buyer and the seller on the same property provided such broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the broker does not represent either the seller or buyer exclusively, and they cannot expect undivided loyalty. UNDISCLOSED DUAL AGENCY IS ILLEGAL.

PERSONAL COMMENT: In other words, if a Prudential Town and Country buyer client (under buyer agent contract) wants to buy a Prudential Town and Country listing (under seller agent contract), Prudential Town and Country is in the position in which it MUST disclose dual agency, obtain informed consent of both parties, and reduce its representation of each party. The larger the company, the greater the possibility of dual agency.