Broker Relationship Disclosures
Different Brokerage relationships are available which include Seller agency, buyer agency, or transaction brokerage
Brokerage disclosure to Buyer or Tenant of Property. Definition of working relationships.
- Seller’s Agent:
- a seller’s agent works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty, and fidelity. The agent negotiates on behalf of and ask as an advocate for the seller.
The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the business/property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
- Buyer’s Agent:
- a buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of an accident advocate for the buyer. The buyer’s agent must disclose to all potential sellers all adverse material facts actually known by the buyer’s agent, including the buyer’s financial ability to perform the terms of the transaction. A separate written by a Buyer agreement is required which sets forth the duties and obligations of the broker and the buyer.
- Transaction broker:
- the transaction broker assist the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting parties with any contracts, including the closing of the transaction, without being an agent or advocate for any of the parties.
A transaction-broker must use reasonable skill and care and the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction – broker concerning the property or a buyer’s financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.