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NH Agents...New Agency disclosure form

Brokerage Relationship Disclosure As most New Hampshire agents know, there a have some changes to our Agency options with the adoption of Designated Agency and Facilitator.

All these changes become effective Jan 1 2009 and while no one has to adopt the changes right away they do need to use the new disclosure form immediately!

Even if your firm stays with the "traditional" practice of agency please understand that Non-Agency/Another Relationship goes away and Facilitator replaces it.

The new required Agency Disclosure form is now called Brokerage Relationship Disclosure and it is required to be used as of today January 1 2009.

The new form is 2 pages and it is the only Brokerage Disclosure form allowed to be used and approved by the NH REC.

It is posted on the NH Real Estate Commission website and on NHAR's website.

If you're showing homes and meeting the buyers for the 1st time make sure you are using this new Brokerage Disclosure form form...Brokerage Relationship form.

Happy Selling in 2009!

Posted by Monika McGillicuddy~REALTOR®~ N.H. Real Estate Broker & Trainer on 01/01/2009 10:02 AM

Comments (10)

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10 Comments on NH Agents...New Agency disclosure form

JAN

Thanks Monika, You saved me a step..by saving the PDF file to my computer and printing out a few copies one less thing to worry about on the first day of the new Year.. Cheers to you and Jay..Best Wishes in the New Year. Steve

Monika, it's impossible to have too much disclosure! And may you need a gazillion of these forms during 2009!

You're welcome Steve... gald I was able to be useful.

Pat...LOL I am planning on needing a gazillion of them.

Monika, may I make one comment about this form?

The form makes a distinction between two disclosure options:

"The licensee is a Seller's Agent for all listings of the Firm"
"The licensee is a Seller's Agent for her or his listings only"

This seems to be at odds with the definition of "Seller Agency" on the back of the form and the definition of Agency in your legislation:

"Agency" means a fiduciary relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party.

Please correct me if I am wrong, but in your state isn't a listing agreement between a principal and a brokerage? Can a licensed salesperson create a agent/fiduciary relationship between a principal and herself/himself instead of with the licensed Brokerage (Agency)?

Larry, you are right. Recently in NH statuary changes were made to our brokerage relationships by adding designated agency as an OPTION.

It is an option only so if you are a consumer who is working with an agent from a traditional firm one who has opted not to adopt Designated agency then this would apply ...."The licensee is a Seller's Agent for all listings of the Firm"

If you are working with an agent from a firm who has adopted designated agency then this would apply ...The licensee is a Seller's Agent for her or his listings only"

In designated agency one agent is appointed the seller rep and an other the buyer rep by someone in their firm (manager) who has the authority to do so. It limits Dual agency. Limits but not eliminates as the Person (manager or broker) who appointed the agents may still be in a dual. All this is very new in NH and effective as of today.

Hmm. Not exactly clear is it. I find it very unusual that a salesperson would be given the right to form an agency relationship without having to become licensed as a Broker or Agent. What then would be the value of an Agency/Brokerage? After all, whose is named as a party to the listing contract? The Agent/Agency/Broker/Brokerage licensee or the salesperson licensee? In law can a Brokerage/Agency subordinate their fiduciary duties to a salesperson licensee? (And if so, shouldn't a consumer be warned about it?)

JAN

Larry - in NH, the agent is licensed, either as a Salesperson or as a Broker. We can't be agents here without being licensed.

Monika - i hope word gets out to all company owners/managers that this form is now in effect, regardless of which option they choose. I saw that some kind of notice is, or will be, going out. Hopefully they'll all be reading their email!

This choice has been a LONG time coming - glad we finally have it available.

Happy New Year,
Ann

As I read the NH statutes, a "person" (defined in the statute) may be licensed as a Broker and a salesperson is an "individual" who is licensed under a Broker. The statute seems to indicate that the Broker is the agent and the agency relationship is between a principal and a Broker.

If this is so, how can a salesperson licensee be an agent with her or his own listings?

Because the law in NH allows the Broker to appoint a designated agent for the seller client and or the buyer client. All this has recently changed in NH and I think will be a pretty good thing.

FEB

And don't forget to to tell everyone to download the latest version of Trueforms too! (if you use it....) The new form is on it.

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