Multiple Choice
Which type of distribution makes a product available in as many outlets as possible?
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1. Introduction to Accounting
Types of Accounting
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Which of the following statements about dual agency is correct?
A
Dual agency is always required by law in every state.
B
Dual agency is illegal in some states.
C
Dual agency is never allowed under any circumstances.
D
Dual agency is legal in all states without restrictions.
Verified step by step guidance1
Step 1: Begin by understanding the concept of 'dual agency' in financial accounting or real estate transactions. Dual agency occurs when a single agent represents both the buyer and the seller in a transaction.
Step 2: Research the legal implications of dual agency. Note that laws regarding dual agency vary by state, and it is not universally required or allowed.
Step 3: Analyze the provided statements. Evaluate each option based on your understanding of dual agency and its legal status in different states.
Step 4: Identify the correct statement by eliminating incorrect options. For example, 'Dual agency is always required by law in every state' is incorrect because laws differ by state.
Step 5: Conclude that the correct statement is 'Dual agency is illegal in some states,' as this aligns with the varying legal restrictions across states.
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