| DISCLOSURE OF REAL ESTATE AGENCY RELATIONSHIPS |
We offer three possible types of agency relationships.
They are:
1. Seller's Agent/Listing Agent
2. Buyer's Agent
3. Dual Agent
Each carries with it legal duties and responsibilities on the part
of the broker/salesperson as well as the seller and buyer. After
reading the explanations of agency relationships below, you will
be asked to acknowledge receipt of this form.
SELLER'S AGENT/LISTING AGENT
A seller's agent acts solely on behalf of the seller. A seller's
agent has fiduciary duties to the seller which include reasonable
care, undivided loyalty, confidentiality and full disclosure.
Seller's agents often work with buyers, but do not represent
the buyer. However, in working with a buyer a seller's agent
must act honestly and fairly. A seller's agent must also disclose
all information material to any transaction which is known by the
broker.
BUYER'S AGENT
An agent can agree to act as an agent for the buyer. A buyer's
agent acts solely on behalf of the buyer. A buyer's agent has
fiduciary duties to the buyer which include reasonable care, undivided
loyalty, confidentiality and full disclosure. Buyer's agents
often work with seller, but do not represent the seller. However,
in working with a seller, a buyer's agent must act honestly
and fairly.
DUAL AGENT
Dual agency occurs when a real estate firm representing the buyer
show the buyer properties where the firm has also agreed to be the
agent of the seller. A real estate firm can be the agent of both
the buyer and seller in a transaction with the knowledge and written
consent of the buyer and seller.
A real estate firm acting as a dual agent must carefully explain
to both buyer and seller that they are representing both parties
and their fiduciary duties are different if they represent both
parties.
When representing both seller and buyer the agent must have the
express permission of the respective party in order to disclose
confidential information to the other party, such as price, terms
and motivation to see or buy.
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