Which of the following roles can a licensee take under dual representation?

The correct choice of acting as a limited service agent for both parties underscores a nuanced understanding of dual representation in real estate. In this scenario, the licensee is permitted to represent both the buyer and the seller in a transaction, but the nature of that representation is limited.

A limited service agent provides essential services without assuming the full range of fiduciary responsibilities owed to either party. This means that while the agent facilitates the transaction and may assist with duties such as communication and basic advisory tasks, they do not provide the same level of loyalty and advocacy that would be afforded to a single client. This arrangement allows for dual representation, as the agent can operate with transparency while ensuring that both parties' interests are at least acknowledged without compromising the ethical obligations associated with fiduciary duty.

The other options reflect scenarios that do not align with the concept of dual representation effectively. Acting as a fiduciary for both parties can create conflicts of interest, as fiduciaries have a duty of loyalty to their clients. Serving solely as a mediator or functioning strictly as a buyer's agent contradicts the principle of dual representation, as mediators typically do not represent either party's interests, and buyer's agents only represent the buyer's interests, which would exclude the seller from consideration. Therefore