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When
you choose to work with a real estate licensee, he/she
may or may not be "your" agent. An agent owes
certain duties to a client but has a different obligation
to a customer or a client of a licensee in a real estate
transaction and that relationship must be established
and discloses prior to beginning to work together.
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AN
agent is the licensee who by mutual agreement will act
on your direction and represent your interest above
all others in a real estate transaction. Acting on your
behalf, your agent will negotiate for you the best price
and terms in a real estate transaction. Your agent owns
utmost loyalty to you and must pass on to you any information
he/she knows which might influence your decision to
buy or sell.
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A
customer is a person who seeks to buy or sell real estate,
but who does not establish an agency relationship with
a licensee and is not represented by a licensee as his
or her agent. As a customer you can not expect the licensee
to act as your agent or to negotiate on your behalf.
A licensee can provide valuable market information and
services to assist you as a customer. They are obligated
by law to treat customers honestly.
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In
certain situations, a licensee acts as an agent for
and may represent the buyer and seller in the same transaction
provided each has consented in writing prior to the
transaction. This is called a dual agency since one
agent represents both parties and both remain clients
of the company. The possibility and consequences of
such an occurrence must be explained to you by the licensee.
Remember, working with a dual agent is not the same
as having your own exclusive agent.
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A
client is a person who established an agency relationship
with and agrees to be represented by an agent in a real
estate transaction. A seller becomes a client of a real
estate company by signing a formal listing agreement.
A buyer becomes a client by signing a formal buyer agency
agreement.
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Do
you want only to receive information and assistance
(customer) or to represented (client)? To understand
your options, discuss this with the real estate licensee
with whom you are working.
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