Topic · 9 items
Agency & dual agency
Who you represent, disclosure, dual agency, ending an agency relationship
- 7.5Agency Relationships and Duties**A. Recognized Forms of Agency** The Company generally recognizes five forms of agency: - Single Agency (Seller’s Agent exclusively or Buyer’s Agent exclusively). - Sub-
- 10.7Client vs. Customer**Client ** The REALTOR® Code of Ethics Standard of Practice 1-2 defines a client as the person or entity with whom the licensee has a **legally recognized agency relatio
- 10.8Duties Owed To A Third Party**Honest and fair dealing and good faith** requires honesty and good faith to form the foundation for all dealings with the third party. No attempt should be made by the
- 10.9Compensation and the Creation of Agency RelationshipsThe sole act of compensating a real estate licensee does not create an agency relationship. For example, with the buyer’s consent, the selling agent can agree to act as a
- 10.10Agency Disclosure Law**The listing and selling brokers must orally inform the buyer and seller and in writing using the Agency Disclosure form whether they are acting exclusively as agents of
- 10.12Undisclosed Dual Agency**Undisclosed dual agency is always illegal.** The dual agent must always disclose and obtain the consent of both parties.
- 10.13Dual Agency Considerations (if permitted in your State)**Company policy recommends that any Associates proceed very carefully in any dual agency situation.** If the Associate does not have significant experience representing
- 10.14Terminating an Agency Relationship**Company policy is to discuss the termination of any agency relationships with the Broker or Manager before doing so orally or in writing.** Agency relationships are ter
- 10.33Failure to Disclose Dual Agency**Company policy is to always disclose dual agency.** Failure to disclose dual agency is unethical and illegal. The dual agent must always make disclosure and obtain the
