Responsibilities Of A Real Estate Agent Owed To A Buyer Customer

Yesterday I spoke about the responsibilities of an Agent representing a Buyer exclusively.  Today I will touch on the Agent obligations when the Buyer is simply a Customer (no Buyers Agency agreement or disclosure in place).  Even though the Agent doesn't represent the Buyer as a Client there are still responsibilities required by State laws.

1) Honesty - No statement or action can result in fraud or misrepresentation.  All laws and regulations pertaining to the transaction must be obeyed including the disclosure of material facts.

2) Accounting - The Agent is reuired to promptly report to the Customer any money or property received and paid out, upon request, provide and acounting of these actions.  This also requires the Agent to safeguard money and property held on behalf of the Customer.

3) Reasonable Skill - Based on Article 11 of the NAR Code Of Ethics, the services that Realtors(A member of the National Association Of Realtors) provide to customers should conform to standards of practice and competence which are reasonably expected in the specific Real Estate disciplines in which they engage.  In other words, Agents should not try to provide specialized professional services concerning a type of property or service that is outside their field of competence.

4) Agency And Material Fact Disclosures - Disclosure of Agency relationships, including an explanation of the difference between a Customer and a Client relationship, must be made in a timely fashion so that Customers can protect their own interests, such as revealing confidential information.  This may be used against the customer if the Agent is representing the Seller and it affetcs the negotiations.  Material facts about the proprty must be disclosed