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Agency Relationship

Real Estate Agents are licensed by the state to represent a person in the purchase or sale of a property. The state law, the Realtor Code of Ethics, and the principles of agency law define the responsibilities of the Real Estate Agent.

The relationship between the agent and the client is a fiduciary relationship. A fiduciary relationship is where one-person places complete confidence in another in regard to a particular transaction or one’s general affairs or business.

Buyer's Agent

A buyer’s agent acts solely on behalf of the buyer. A Buyer’s Agent must act honestly and fairly with all parties to the transaction. A Buyer’s Agent has fiduciary obligations to the buyer that include reasonable care, loyalty, confidentiality, and disclosure. When a buyer or lessee enters into an agreement for representation with a buyer’s agent, the buyer or lessee becomes the buyer agent’s client.

Seller’s Agent/Listing Agent

A seller’s agent acts solely on behalf of the seller. A Listing Agent has fiduciary obligations to the seller that include reasonable care, loyalty, confidentiality, and full disclosure.

Although a Listing Agent does not represent the Buyer, a Listing Agent must treat buyers honestly and fairly. A Listing Agent must also disclose any and all material facts about the listed property that are known to the agent.

Dual Agency

Dual Agency is a relationship in which a real estate firm does not represent either the buyer or the seller exclusively. A real estate firm can be an agent of both the buyer and the seller (or landlord and tenant) in a transaction with the knowledge and written consent of the buyer and seller (or landlord and tenant).

The company and the sales agents may not disclose to either party any personal, financial, or confidential information about the other party except with written permission by the respective party or as required by law. A Dual Agent owes equal representation to both the buyer and seller (or landlord and tenant).