1. Seller's representative
(also known as a listing agent or seller's agent). A seller's agent is hired by
and represents the seller. All fiduciary duties are owed to the seller. The
agency relationship usually is created by a listing contract.
2. Subagent. A subagent owes the same fiduciary duties to the agent's
principal as the agent does. Subagency
usually arises when a cooperating sales associate from another brokerage, who
is not representing the buyer as a buyer's representative or operating in a nonagency relationship, shows property to a buyer. In such
a case, the subagent works with the buyer as a customer but owes
fiduciary duties to the listing broker and the seller. Although a subagent
cannot assist the buyer in any way that would be detrimental to the seller, a
buyer-customer can expect to be treated honestly by the subagent. It is
important that subagents fully explain their duties to buyers.
3. Buyer's representative (also known as a buyer's agent). A real estate licensee who is hired by prospective buyers to
represent them in a real estate transaction. The buyer's rep works in
the buyer's best interest throughout the transaction and owes fiduciary duties
to the buyer. The buyer can pay the licensee directly through a negotiated fee,
or the buyer's rep may be paid by the seller or by a commission split with the
listing broker.
4. Disclosed dual agent. Dual agency is a relationship in which
the brokerage firm represents both the buyer and the seller in the same real
estate transaction. Dual agency relationships do not carry with them all of the
traditional fiduciary duties to the clients. Instead, dual agents owe limited
fiduciary duties. Because of the potential for conflicts of interest in a
dual-agency relationship, it's vital that all parties give their informed
consent. In many states, this consent must be in writing. Disclosed dual
agency, in which both the buyer and the seller are told that the agent is
representing both of them, is legal in most states.
5. Designated agent (also called, among other things, appointed agency).
This is a brokerage practice that allows the managing broker to designate which
licensees in the brokerage will act as an agent of the seller and which will
act as an agent of the buyer. Designated agency avoids the problem of creating
a dual-agency relationship for licensees at the brokerage. The designated
agents give their clients full representation, with all of the attendant
fiduciary duties. The broker still has the responsibility of supervising both
groups of licensees.
6. Nonagency relationship (called, among other
things, a transaction broker or facilitator). Some states permit a real estate
licensee to have a type of nonagency relationship
with a consumer. These relationships vary considerably from state to state,
both as to the duties owed to the consumer and the name used to describe them.
Very generally, the duties owed to the consumer in a nonagency
relationship are less than the complete, traditional fiduciary duties of an agency
relationship.
If you're interested in starting the home buying process, or simply have questions, please call or e-mail. Add any special requests you have in the comments section.
ADVANTAGE JANES REALTY cooperates fully with all other real estate companies and we have access to all available listings in our area. As experienced Real Estate professionals, we will provide the dedication, honesty, and outstanding service that each client deserves. I look forward to working with you.
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