are bound by certain obligations which you are due as a client:
(act in the best interest of the client)
of all lawful instructions
(for all monies)
skill and care
of all material facts
- Honesty and
fairness to all
State laws clearly define the duties for each type of brokerage
relationship. States have mandated agency disclosure forms and rules
to provide meaningful and timely written disclosure and describe
licensee's duties upon termination of a client relationship.
As you start
communicating with an agent, ask for a clear explanation of your
state's current agency regulations. Also request a copy of your
agent's company's policy regarding agency so you will know where
you stand on these important matters.
This agent works solely for and represents the seller.
A seller's agent has no fiduciary responsibility to the buyer.
This agent works solely for and represents the buyer.
A buyer's agent has no fiduciary responsibility to the seller even
if the buyer's agent gets a portion of the commission paid by the
One agent may represent both buyer and seller in a real
estate transaction, but only if both parties consent. Buyer and
seller must sign a dual agency disclosure statement that describes
the duties and obligations of the dual agent. A dual agent may not
disclose any confidential information that would place one party
at an advantage over the other party, and may not advocate or negotiate
on behalf of either of the two parties.
permit dual agency relationships as long as the agency status is
disclosed to both the sellers and the buyers in advance, and both
parties agree to it. Undisclosed dual agency, which occurs if the
buyer and seller have not been advised about or consented to dual
agency, can be used as grounds to have a purchase agreement revoked
and could permit the injured parties to seek recovery against the
real estate agents.
Next Step: Selecting an Agent
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