Define "dual agency" in Kentucky real estate.

"Dual agency" in Kentucky real estate occurs when a single agent represents both the buyer and the seller in the same transaction, and this can only happen with the mutual consent of both parties. This arrangement requires transparency and a clear understanding of the agent's role, as they have to navigate the interests of both clients fairly. By obtaining consent from both the buyer and the seller, the agent can proceed with the dual representation while disclosing any potential conflicts of interest.

In contrast, the other options describe different scenarios that do not align with the definition of dual agency. For instance, exclusive representation by one agent pertains solely to one party and does not involve dual agency. Similarly, having two agents represent one party involves separate representation, not dual agency, and representing multiple buyers simultaneously does not necessarily involve any seller representation. These distinctions highlight why mutual consent for dual agency is essential in real estate transactions in Kentucky.