What is a Realtor’s Responsibility in Washington?
Determining what a Realtor’s responsibility is in Washington first requires some definition. The Realtor designation is the registered trademark of the National Association of Realtors, and refers to their members, not agents in general, though it is commonly used that way.
In Washington, all state-licensed real estate agents are legally defined as Brokers.
The Revised Code of Washington (RCW) holds the definitions and regulations that govern real estate agents operating within the State. Excerpts and summaries of the law are outlined below:
(A full copy of the pamphlet of Real Estate Agency Law can be found at Newhomelink.com)
General Responsibilities of a Broker
A broker owes to all parties the following duties, which may not be waived:
- To exercise reasonable skill and care;
- To deal honestly and in good faith;
- To present all written offers, notices and other communications to and from either party;
- To disclose all existing material facts known by the broker and not apparent to a party;
- To account in a timely manner for all money and property received from either party;
- To provide a pamphlet on the law of real estate agency in the form prescribed by the State;
- To disclose in writing to all parties who the broker represents in the transaction;
The Duties of a Seller's Agent
Brokers acting on behalf of the Seller have specific duties to that principal:
- To be loyal to the seller by taking no action that is adverse to the seller's interest;
- To timely disclose to the seller any conflicts of interest;
- To advise the seller to seek expert advice on matters beyond the agent's expertise;
- Not to disclose any confidential information from or about the seller; and
- To make a good faith and continuous effort to find a buyer for the property.
The Duties of a Buyer's Agent
Brokers acting on behalf of the Buyer have specific duties to that principal:
- To be loyal to the buyer by taking no action that is adverse to the buyer's interest;
- To timely disclose to the buyer any conflicts of interest;
- To advise the buyer to seek expert advice on matters beyond the agent's expertise;
- Not to disclose any confidential information from or about the buyer; and
- To make a good faith and continuous effort to find a property for the buyer.
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