When does a licensee become classified as a limited agent under Indiana real estate law?

A licensee is classified as a limited agent under Indiana real estate law when they represent both the seller and the buyer in a transaction. This designation is significant because it involves dual agency, where the agent has responsibilities to both parties involved in a transaction. In this role, the licensee must maintain a balance between the interests of both parties, which can complicate the fiduciary responsibilities unique to each relationship.

Representing both the buyer and seller indicates a limited agency relationship where the agent is not fully advocating for one party over the other, thus the term "limited." This classification requires that the agent disclose their role clearly to both parties and obtain their informed consent, ensuring transparency throughout the transaction.

The other situations mentioned do not lead to a classification as a limited agent. For instance, representing a single seller does not involve conflicting interests and therefore does not fit the criteria of dual agency. Working under a brokerage typically refers to the relationship between the agent and their brokerage rather than indicating limited agency status. Having multiple listings simply indicates that an agent is managing several properties but does not pertain to the dual representation of two parties in a single transaction.