Agency Relationships - Nova Scotia Real Estate Commission
Ask what type of agency relationship your agent has with you: A buyer's agent is hired by prospective buyers to represent them in a real estate transaction. The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep. in-house agency relationship. Licensees are obligated to represent their clients' best interests throughout the without an agency relationship if they have a. 4) If a licensee has received any commission in conjunction with a . 7) The principles of an agency relationship include all of these factors except which one ? . 3) If the agent represents the seller, he or she may not disclose.
As used in this chapter, "real estate transaction" means the sale or lease of any legal or equitable interest in real estate.
As used in this chapter, "subagent" means a broker engaged to act for another broker in performing brokerage services for a client. A the property of the individual, if the individual is a seller or landlord; or B the property that the individual seeks to purchase or lease, if the individual is a buyer or tenant. A a purchase agreement or lease is signed; and B all contingencies are satisfied or waived. A licensee representing a seller or landlord owes no duty to conduct an independent inspection of the property for the buyer or tenant or to verify the accuracy of any statement, written or oral, made by the seller, the landlord, or an independent inspector.
This subsection does not limit the obligation of a prospective buyer or tenant to obtain an independent inspection of the physical condition of the property. A cause of action does not arise against a licensee for disclosing information in compliance with this section.
The written consent is presumed to have been given and all parties are considered informed for any party who signs a writing or writings at the time of entering into an agency relationship with the licensee that contains the following: A Any material or confidential information, except adverse material facts or risks actually known by the licensee concerning the physical condition of the property and facts required by statute, rule, or regulation to be disclosed and that could not be discovered by a reasonable and timely inspection of the property by the parties.
B That a buyer or tenant will pay more than the offered purchase price or offered lease rate for the property. C That a seller or landlord will accept less than the listed price or lease rate for the property. D What motivates a party to buy, sell, or lease the property. E Other terms that would create a contractual advantage for one 1 party over another party.
Understand Agency Relationships
A client represented by an individual licensee affiliated with a principal broker is represented only by that licensee to the exclusion of all other licensees. A principal or managing broker does not represent any party in such transactions unless the principal or managing broker has an agency relationship to personally represent a client.
There is no imputation of agency, knowledge, or information among or between clients, the principal broker, the managing broker, and licensees. A client represented by an individual licensee affiliated with a managing broker is represented only by that licensee to the exclusion of all other licensees.
A managing broker does not represent any party in such transactions unless the managing broker has an agency relationship to personally represent a client. There is no imputation of agency, knowledge, or information among or between clients, the managing broker, and licensees. A the disclosure is required by law; B the client gives written consent to the disclosure; or C the information becomes public from a source other than the licensee or by subsequent words or conduct of the client.
The duties and obligations of a licensee set forth in this chapter supersede any fiduciary duties of a licensee to a party based on common law principles of agency to the extent that those common law fiduciary duties are inconsistent with the duties and obligations set forth in this chapter.
Agency Relationships | Ouray Brokers
A sub-agent does not have an agency relationship with the customer. The licensee cannot advocate on behalf of one client over another. Because the full range of duties cannot be delivered to both parties, written informed consent must be given by all clients in the transaction. A Dual Agent may not reveal confidential information without consent, such as: Willingness of the seller to accept less than the asking price.
Willingness of the buyer to pay more than what has been offered. Confidential negotiating strategy not disclosed in the sales contract as terms of the sale. Motivation of the seller for selling nor the motivation of the buyer for buying.
- Types of Agency Representation
This relationship may change to an agency relationship by entering into a written contract for representation, prior to the preparation of an offer.
If another relationship between the licensee who performs the services and the seller, landlord, buyer, or tenant is intended, it must be described in writing and signed by all parties to the relationship prior to services being rendered.
Types of Agency Representation - R. H. Thackston & Company
The material presented in this brochure is intended to assist consumers in making wise decisions regarding a real estate transaction in New Hampshire. Anything in this pamphlet should not be considered legal advice.No Brokerage Relationship
Additional information can be obtained regarding the laws, rules and regulations on Real Estate Agency Relationships at http: As a n customer, you should not reveal any confidential information that could harm your bargaining position.
As a customer, you can expect a real estate licensee to provide the following customer-level services: As a client, in addition to the customer-level services, you can expect the following client-level services: Client-level services also include advice, counsel and assistance in negotiations. For important information about your choices in real estate relationships, please see page 2 of this disclosure form.
I understand as a customer I should not disclose confidential information.