For both buyers & sellers, brokerage agency is an important piece of their real estate transaction. This is how a Realtor can represent either a buyer or seller.
The "standard" (meaning what the state presumes to be the most popular form of agency) is Transaction Brokerage (brokerage and agency are one and the same).
The duties/responsibilities under Transaction Brokerage/Agency are:
- Dealing honestly & fairly.
- Accounting for all funds.
- Using skill, care & diligence in the transaction.
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer.
- Presenting all offers and counteroffers in a timely manner, unless a party has directed the licensee previously otherwise in writing.
- Limited confidentiality, unless waived in writing by a part. This limited confidentiality will prevent disclosure that the seller accepts a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the movitation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential
- Any additional duties that are entered into by this or by seperate written agreement.