(a) No licensee shall participate in a dual agency relationship unless both the seller and the buyer, or both the lessor and the lessee, in the transaction have full knowledge of the dual representation and consent in writing to the dual representation on the agency disclosure statement.
(b) Before a licensee obtains the consent of any party to a dual agency relationship, the licensee shall disclose to both the buyer and seller, or to the lessor and lessee, all relevant information necessary to enable each party to make an informed decision as to whether to consent to the dual agency relationship. If, after consent is obtained, there is a material change in the information disclosed to the buyer and the seller, or to the lessor and the lessee, the licensee shall disclose the change of information to the buyer and the seller or to the lessor and the lessee and give them an opportunity to revoke their consent. Either party consenting to dual agency may revoke that agency consent at any time during the transaction.
(c) No licensee shall participate in a dual agency relationship unless the real estate brokerage firm has established a procedure under which licensees, including management level licensees, who represent one client will not have access to and will not obtain confidential information concerning another client of the firm involved in the dual agency transaction.