There are 4 kinds of Agency Representation-
- Seller Agency
- Buyer Agency
- Designated Agency
- Dual Agency
: Occurs when a buyer does not sign an agreement to have a broker represent them. If the buyer does not enter into a written agreement with the agent, then the agent has to represent the best interest of the seller. The agent owes the seller statutory duties and honesty. The agent must give the buyer all information regarding physical material defects of the property which the agent has actual knowledge.
: Occurs when a buyer signs an exclusive right-to-represent agreement with a broker. In that case, the agent now represents the best interests of the buyer. The agent’s job is to get the buyer acceptable price and terms on whatever home they choose to buy. The agent owes both the buyer and the seller honesty. The agent must give the buyer all information regarding physical material defects of the property which the agent has actual knowledge.
: Occurs when a buyer’s agent sells an in-company listing. The broker/ manager becomes the dual agent working for all parties in the transaction. All information is kept confidential unless there is written permission from buyer and seller. The broker/manager designates a listing agent and a buyer agent to represent their respective clients in the transaction. The designated listing and buyer agents can fully represent the interests of their respective clients.
: Occurs when a buyer’s agent sells his/own listing. The agent/broker owes both parties in the transaction statutory duties. The objective is get a mutually satisfactory agreement among both parties. There is confidentiality to all parties unless written permission to disclose such information is given in advance.