SELLERS AGENT
When a seller engages the services of a listing broker that seller becomes the
brokers client. This means the broker, and its 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 sellers property to buyers.
BUYERS AGENT
When a buyer engages the services of a broker then that buyer becomes the broker's
client. This means the broker represents the buyers. The broker owes the buyer
undivided loyalty, utmost care, disclosure, obedience to lawful instruction,
confidentiality and accountability. The broker must put the buyer's interest
first and negotiate for the best price and terms for their 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 brokers undivided loyalty. Also, undisclosed dual agency is
illegal.
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