UNDERSTANDING THE TYPES OF AGENCY RELATIONSHIPS

SELLER AGENT
Duties & Obligations:
1. Perform terms of written agreement with seller.
2. Exercise reasonable skill & care and promote interests of seller with utmost good faith, loyalty, and fidelity.
3. Disclose adverse material facts actually known by the broker.
4. Inform seller that he/she may be vicariously liable for acts of seller’s agent and or any subagent when broker is acting within scope of agency relationship.
5. No obligation to buyer except to disclose adverse material facts actually known by broker.

Seller agent shall NOT disclose:
1. That seller is willing to accept less than asking price or what the motivating factors are for the seller.
2. That seller will agree to financing terms other than those offered.
3. Any material information about the seller unless disclosure is required by law.

BUYER AGENT
Duties & Obligations:
1. Perform terms of written agreement with buyer.
2. Exercise reasonable skill & care for the buyer and promote interests of buyer with utmost good faith, loyalty, and fidelity.
3. Disclose to buyer adverse material facts actually known by broker.
4. No obligation to seller except to disclose adverse material facts concerning buyer’s financial ability to perform the terms of the transaction and whether buyer intends to occupy property as principal residence.

Buyer agent shall NOT disclose:
1. That the buyer is willing to pay more than the purchase price or what the motivating factors are for the buyer.
2. That buyer will agree to the financing terms other than those offered.
3. Any material information about the buyer unless disclosure is required by law.

TRANSACTION- BROKER (A transaction-broker is not an agent for either party)
Duties & Obligations:
1. To perform term of any written agreement or oral agreement made with any party to the transaction.
2. To exercise reasonable skill & care in presenting all offers & counterparts in timely manner; advising parties to obtain expert advise about material matters beyond the expertise of the broker; keeping parties fully informed; assisting the parties in complying with terms & conditions of contract.
3. Disclosing to any prospective buyer any adverse material facts actually known by the broker.
4. Disclosing to any prospective seller any adverse material facts