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Dual agency refers to a situation in real estate where a single agent or brokerage represents both the buyer and the seller in the same transaction. This means that the agent has a fiduciary duty to both parties, which can create conflicts of interest since the agent must balance the needs and interests of both the buyer and the seller.

This arrangement often requires full disclosure and the consent of both parties, as the agent must navigate the potential challenges of maintaining confidentiality while facilitating negotiations between the two parties. The concept of dual agency can vary by state in terms of legality and regulations, but it is fundamentally about the representation of both sides in a single transaction.

In contrast, other options describe different scenarios within real estate that do not capture the essence of dual agency. For example, one agent representing one buyer or having multiple listings for the same property does not constitute dual agency. Similarly, working for multiple brokerages pertains to an agent's employment relationship and does not define the dual representation of both buyers and sellers.