2005 Rhode Island Code - § 5-20.6-8 — Disclosed dual agency.

    (a) A real estate agent can legally be the agent of both the seller and the buyer in a transaction, when the agent has a signed buyer agency agreement with buyer and buyer is purchasing property listed by the real estate firm of the agent.

   (b) Disclosed dual agency can only exist with the knowledge and consent of seller and buyer.

   (c) Where the seller refuses the disclosed agency, then the agent is released from his or her obligations to the buyer, but must continue to treat the buyer fairly and honestly and must not reveal confidential information obtained from the buyer without approval of the buyer.

   (d) When a buyer utilizing the services of a buyer's agent desires to make an offer on property listed by the buyer's agent real estate firm, the following form must be signed by the buyer, seller and agent:

   State of Rhode Island Date          

   DISCLOSED DUAL AGENCY

   As the undersigned buyer and seller, it is agreed that the property on which offer is to be made is presently listed with the firm of the undersigned agent, who had been earlier retained by the buyer as the buyer's agent.

   It is understood that agent cannot disclose confidential information obtained from either party, which would materially effect a purchase or sale decision by either party.

   Agent will exercise diligent and reasonable skill and care in treating both parties honestly and fairly and deal in good faith.

   BUYER SELLER AGENT

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