Which of the following best describes a dual agent?

A dual agent is best described as a licensee acting for both the buyer and seller in a real estate transaction. In this scenario, the agent has a fiduciary duty to both parties and is responsible for representing their interests throughout the process. This arrangement can lead to potential conflicts of interest, as the agent must balance the needs and goals of both the buyer and seller.

In the context of real estate transactions, it’s essential for a dual agent to disclose their dual representation to all parties involved, ensuring that everyone understands the agent’s role and the implications of having a single agent representing both sides. This option accurately reflects the concept of dual agency, where one party serves two clients simultaneously, making it the correct choice among the options provided.

The other choices focus on singular representations or other roles that do not capture the essence of dual agency. For instance, representing only the seller or managing the transaction without a dual role does not encompass the dual agent's unique position.