Real Estate Representation
Seller's Agent-A sales professional becomes a Seller's Agent by entering into a listing agreement to represent the seller's interests. Seller representation also exists when a sales professional shows a property on the Multiple Listing Service (MLS) and a "buyer agency" isn't established. A Seller's Agent may provide information to assist the buyer but must place the interests of the seller first.
Do not disclose anything to the Seller's Agent you don't want the seller to know.
Buyer's Agent-A sales professional becomes a Buyer's Agent by entering into an agreement to represent the buyer. A Buyer's Agent can assist the seller, but must place the interests of the buyer first.
Sellers should not tell the Buyer's Agent anything they do not want the buyer to know, because the Buyer's Agent must disclose pertinent information to the buyer.
Dual Agent-Dual agency occurs when a sales professional represents both the seller and the buyer. It also occurs when the Listing or Seller's Agent works for the same firm as the Buyer's Agent. In many states, the buyer, the seller, and the sales professional must agree to a dual agency in writing.
The Dual Agent is required to treat the buyer and seller honestly and impartially, but the potential for conflict of interest exists.
The Dual Agent's duties are more limited. Sometimes a Dual Agent is described as a transaction broker or an intermediary.