Agency
Disclosure
Relationship between
Seller/Buyer and Realtor
Before a Seller/Landlord ("Seller") or Buyer/Tenant ("Buyer") enters into a
discussion with a real
estate broker or broker's salesperson ("Broker"), the Seller and
the Buyer should understand what
type of agency relationship or representation they will have with
the Broker in the transaction.
However, regardless of who the Broker represents in the
transaction, the Broker shall exercise
reasonable skill and care in the performance of the Broker's duties
and shall be truthful and honest
to both the Buyer and Seller.
THE DUTIES OF THE BROKER IN A REAL ESTATE TRANSACTION DO NOT RELIEVE THE
SELLER
OR THE BUYER FROM THE RESPONSIBILITY TO PROTECT THEIR OWN INTERESTS. THE
SELLER AND THE BUYER SHOULD CAREFULLY READ ALL AGREEMENTS TO INSURE THAT
THE
DOCUMENTS ADEQUATELY EXPRESS THEIR UNDERSTANDING OF THE TRANSACTION.
I. Buyer's Broker: A Broker other than the Seller's Broker can agree with
the Buyer to act as the Broker
for the Buyer. In these situations, the Buyer's Broker
is not representing the Seller, even if the Buyer's
Broker is receiving compensation for services rendered,
either in full or in part, from the Seller or
through the Seller's Broker.
a) A Buyer's Broker has the fiduciary duties of
loyalty, obedience, disclosure, confidentially, and
accounting in dealings with the
Buyer.
b) Other potential Buyers represented by Broker may
consider, make offers on, or acquire an interest
in the same or similar
properties as Buyer is seeking.
II. Seller's Broker: A Broker under a listing agreement with the
Seller acts as the Broker for the Seller
only:
a) A Seller's Broker has the fiduciary
duties of loyalty, obedience, disclosure, confidentially, and
accounting in dealings
with the Seller.
b) Other potential Sellers represented by
Broker may list properties that are similar to the property
that the Seller is
selling.
III. Broker Representing both Seller and Buyer (Limited Dual
Representation): A Broker, either acting
directly or through one or more licenses
within the same brokerage firm, can legally represent both
the Seller and the Buyer in a transaction,
but only with the knowledge and informed consent of both
the Seller and the Buyer. In these
situations, the Broker represents both the Buyer and the Seller,
with limitations of the duties owed to the
Buyer and the Seller:
a) The Broker will not, without written
authorization, disclose to the other party that the Seller will
accept a price or
terms other than stated in the listing or that the Buyer will accept a price or
terms other than
offered.
b) There will be conflicts in the duties of
loyalty, obedience, disclosure and confidentiality. Disclosure
of confidential
information may be made only with written authorization. However, Broker shall
disclose all known
facts which materially and adversely affect the consideration to be paid by any
party.
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Laurie and Greg Hill, Broker/Owners
16508 W Flora Lane, Surprise, AZ 85387
Office/Voice Mail (623) 334-1366
Email
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