What type of agency relationship exists when one licensee represents the buyer and another represents the seller in the same transaction?

The correct answer pertains to dual-license dual agency, which is specifically characterized by the situation in which two different licensees — one for the buyer and one for the seller — are involved in the same transaction. This setup allows each licensee to represent their respective party, ensuring that both the buyer's and the seller's interests are represented while still facilitating a single transaction.

In this scenario, it's crucial to understand the nature of dual agency, where a single agent represents both parties in a transaction. The need for dual-license dual agency arises when separate representatives are involved, allowing for more focused attention on each party’s needs while maintaining a level of independence that may help in negotiations.

The other terms mentioned, such as single agency and dual-agent agency, do not correctly describe this arrangement. Single agency typically involves one agent representing either the buyer or the seller, but not both. Dual-agent agency refers to an agent representing both parties, which differs from having two agents representing the respective parties in a transaction. Exclusive agency generally pertains to listing agreements and has no direct application to the representation of both buyer and seller in this context.