Brokerage Relationship and Legal Duties
Real Estate Licensee’s Brokerage Relationship Duties
Single AgentOnly works with buyers, we never take listings. This is a true Client based relationship. Very similar to a doctor or lawyer relationship. For Buyers Only Realty |
Transaction BrokerCan work with buyers and sellers in the same home sale. This includes the vast majority of Realtors you will meet. Their motivation is to sell in house listings so that the brokerage makes the most money. |
No Brokerage Relationship(Used in special situations such as certain commercial transactions and for sale by owner properties.) |
Dealing honestly and fairly Complete Loyalty Complete Confidentiality Complete Obedience Full disclosure Accounting for all funds Skill, care, and diligence Presenting all offers Disclosing all known facts that materially affect value |
Dealing honestly and fairly Limited confidentiality Accounting for all funds Skill, care, and diligence Presenting all offers Disclosing all known facts that materially affect value Any additional duties Does NOT have duties of: Loyalty Confidentiality Obedience Full disclosure |
Dealing honestly and fairly Accounting for all funds Disclosing all known facts that materially affect value Does NOT have duties of: Loyalty Confidentiality Obedience Full disclosure Skill, care, and diligence Presenting all offers |
Food for thought…
Which type of Realtor do you want on your side. Do you want full representation and loyalty or is limited or no representation good enough for one of the largest purchases of your life?? Remember, the first thing when starting a home search is interviewing the person(s) that will help guide and fully protect you throughout the process and well beyond.