Types of Agency Representation
Seller's Agent
When a seller engages the services of a listing broker, that seller
becomes the broker's client. This means the broker, and his/her subagents
represent the seller. They owe the seller undivided loyalty, utmost care,
disclosure, obedience to lawful instruction, confidentiality and
accountability. They must put the seller's interest first and negotiate
for the best price and terms for their clients, the seller. (The seller may
also authorize subagents to represent him/her in marketing the property to
buyers).
Buyer's Agent
When a buyer engages the services of a broker then that buyer becomes the
broker's client. This means the broker represents the buyer. The broker
owes the buyer undivided loyalty, utmost care, disclosure, obedience to
lawful instructions, confidentiality and accountability. The broker must
put the buyer's interest first and negotiate for the best price and terms
for his/her client, the buyer. (The buyer may also authorize subagents to
represent him/her in locating property).
Disclosed Dual Agent
A broker can work for both the buyer and the seller on the same property
provided such broker obtains the informed consent of both parties. The
broker is then considered a disclosed dual agent. This broker owes the
seller and the buyer a duty to deal with them fairly and honestly. In this
type of agency relationship the broker does not represent either the seller
or buyer exclusively and they cannot expect the broker's undivided loyalty.
Also, undisclosed dual agency is illegal.
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