Seller Agency means principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer.
Express Agency is an agency relationship created by either an oral or a written agreement between the principal and the agent, indicating their express intent for this representational status.
Implied Agency is an agency relationship created by the actions of the parties. If a real estate agent takes on responsibilities that are normally those of an agent, but the agent has not signed an agency agreement, the agent may still be considered an agent by way of an “implied agency.” Similarly, if a client requests the agent for advice or actions that are normally considered part f the duties of agency, then an implied agency could very well be created.
Always have everything regarding the real estate transaction put in writing! If in doubt, contact a real estate attorney.
Real Estate Agent Duties:
- Promote the interest of the Seller/Landlord with utmost loyalty, good faith, and fidelity.
- Exercise reasonable skill and care for the Seller/Landlord.
- Perform the terms of the written agreement.
- Disclose material facts to Seller/Landlord that are actually known to Broker.
- Counsel Seller/Landlord as to material benefits or risks.
- Account in a timely manner for all monies and properties received.
- Comply with applicable local, state and federal laws.
- Seek price and terms acceptable to Seller/Landlord.
- Present all offers to Seller/Landlord in a timely manner.
- Disclose the following only with informed consent of the Seller/Landlord.
- That the Seller/Landlord is willing to accept less than the asking price.
- Advise Seller/Landlord to seek legal and other types of expert advice.
- Facts or suspicions which may psychologically impact the sale.
- Understand the motivations are of the Seller/Landlord
- Understand the financing terms the Seller/Landlord would accept beyond those offered.
- Any material information about Seller/Landlord unless required by law.
Termination of Seller Agency
Termination will be the earlier of the following:
- Completion of the Purchase of a Property.
- The date of expiration agreed to by the parties.
- Mutual Termination by the Parties.
Contract Termination for Performance
Real Estate Agent Responsible for:
- Accountability for monies and properties.
- Confidentiality of information received during agreement unless:
- Required by law.
- Released in writing by engaging party.
- Information is made public by source other than Broker.
- Compensation may be paid by Buyer/Tenant or Seller/Landlord or third party.
- Compensation may be paid by more than one party with the written consent of parties.
- Payment of compensation shall not be construed to establish agency.
- The identity of source of compensation shall be disclosed to all parties.