{"id":3044,"date":"2022-03-25T10:00:03","date_gmt":"2022-03-25T17:00:03","guid":{"rendered":"https:\/\/usezloan.com\/?p=3044"},"modified":"2022-03-25T10:00:49","modified_gmt":"2022-03-25T17:00:49","slug":"3044","status":"publish","type":"post","link":"https:\/\/usezloan.com\/index.php\/2022\/03\/25\/3044\/","title":{"rendered":"\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 37-Agency-c.Forms of Real Estate Agency"},"content":{"rendered":"

<\/h3>\n

\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 37-Agency-<\/span><\/span><\/strong>c.Forms of Real Estate Agency<\/span><\/span><\/strong><\/h3>\n

\u00a0<\/span><\/span><\/strong><\/h3>\n

<\/h3>\n

a.The Agency Relationship
\nb.Fiduciary Duties
\nc.Forms of Real Estate Agency
\nd.Agency Disclosure Rules\u00a0<\/span><\/span><\/strong><\/h3>\n

C.FORMS OF REAL ESTATE AGENCY<\/span>
\nSingle agency
\nSubagency
\nDual agency
\nNo agency
\nNo subagency<\/p>\n

The primary forms of agency relationship between brokers and principals are:
\nsingle agency, dual agency, and subagency. In a fourth kind of relationship,
\nreferred to as transaction brokerage, no agency relationship exists in the
\ntransaction. Finally, some states are beginning to disallow subagency
\naltogether. Students are advised to ascertain which agency relationships are
\nallowed and practiced in their particular state.<\/p>\n

Single agency<\/strong><\/p>\n

The agent represents one party in a transaction. The client may be either seller or
\nbuyer.
\nSeller agency. In the traditional situation, a seller or landlord is the agent’s client.
\nA buyer or tenant is the customer.
\nBuyer agency. Recently, it has become common for an agent to represent a
\nbuyer or tenant. In this relationship, the property buyer or tenant is the client and
\nthe property owner is the customer.
\nReal estate vernacular calls an agent of the seller or owner the listing broker. An
\nagent who works for the listing broker and who obtained the listing is the listing
\nagent. A broker who represents a buyer is the buyer’s broker. One who does
\nthis as a specialization is a buyer broker. A broker or salesperson who
\nrepresents tenants is a tenant representative.<\/p>\n

Subagency<\/strong><\/p>\n

In a subagency, a broker or licensed salesperson works as the agent of a broker
\nwho is the agent of a client. Subagents might include a cooperating licensed
\nbroker, that broker’s licensed salespeople, and the listing broker’s licensed
\nsalespeople, all of whom agree to work for the listing broker on behalf of the
\nclient. In effect, a subagent is an agent of the broker who is agent of the client.
\nThe subagent owes the same duties to the agent as the agent owes to the client.
\nBy extension, a subagent owes all the fiduciary duties to the client.
\nOutside “co-brokers” and agents. It is common practice for brokers and
\nsalespersons to “cooperate” with a listing broker in finding buyers or tenants. A
\nlisting broker, in return, agrees to share the commission with a cooperating broker.<\/p>\n

It is cooperating brokers who form multiple listing services to facilitate the
\nprocess of bringing together buyers and sellers.
\nThe broker’s salespersons. All of the listing broker’s salespeople who have
\nagreed to work for the broker to find a customer are subagents of the listing
\nbroker and owe the fiduciary duties to the broker and, by extension, to the
\nbroker’s client.<\/p>\n

Dual agency <\/strong><\/p>\n

Dual agency means representing both principal parties to a transaction. The agent
\nrepresents both buyer and seller or tenant and owner. For instance, if a
\nsalesperson completes a buyer agency agreement with a party on behalf of a
\nbroker, and the party then becomes interested in a property listed by the broker,
\nthe broker becomes a dual agent.
\nDual agency has become increasingly prevalent with the advent of buyer and
\ntenant representation. Dual agency may arise from voluntary, specific agreement
\nbetween the principal parties or from the parties’ actions, much like implied
\nsingle agency.
\nConflict of interest. Dual agency contains an inherent conflict of interest.
\nSince many of an agent’s fiduciary duties can only be rendered to one party,
\ndual agency is, by definition, difficult, if not impossible.
\nWritten, informed consent. In states that permit dual agency, the agent must
\nmeet strict disclosure requirements, and principals must agree in writing to
\nproceed with the dual agency relationship.
\nDisclosed (voluntary) dual agency. The parties to a transaction may create a
\ndual agency by giving written consent in disclosure forms, confirmation forms,
\nand sale contract forms. For example, an agent represents a buyer who becomes
\ninterested in a property that the agent has listed with the seller. The agent then
\ndiscloses the relationship with the principals to both principals, and the principals
\nagree in writing to move ahead. A disclosed dual agency is thus voluntarily
\ncreated.
\nImplied and undisclosed dual agency. If a broker or agent acts in any way
\nthat leads a customer to believe that the agent is representing the customer, a
\ndual agency has potentially been created. For example, a buyer makes
\nconfidential disclosures to the agent who works for the seller and exhorts the
\nagent to keep them confidential. The buyer wants the house but knows he is
\ngoing to lose his job in a month and probably will not qualify for financing. If
\nthe agent agrees to keep the information confidential, the agent has not only
\ncreated an agency relationship with the buyer, but is now in a dual agency
\nsituation. Moreover, if the agent fails to disclose the buyer’s confidence to the
\nseller, the agent has violated fiduciary duty to the seller.
\nDuties of a disclosed dual agent. A dual agent’s first duty is to disclose the
\nagency relationship to both principal parties or to withdraw from one side of the
\nduality. After disclosing, the agent must obtain the written consent of both
\nparties.
\nIf both parties accept the dual agency, the agent owes all the fiduciary duties to
\nboth parties except full disclosure, undivided loyalty, and exclusive
\nrepresentation of one principal’s interests.<\/p>\n

No agency <\/strong><\/p>\n

In recent years, the brokerage industry has striven to clear up the question of who
\nworks for whom, and who owes fiduciary duties to whom. A recent solution
\nallows a broker to represent no one in a transaction. That is, the broker acts as a
\ntransaction broker, or facilitator, and is not an agent of either the buyer or
\nseller. In this relationship, the facilitator does not advocate the interests of either
\nparty.
\nDuties of the transaction broker, or facilitator. In the role of transaction
\nbroker, the broker’s duties and standards of conduct are to
\n\uf034 account for all money and property received or handled
\n\uf034 exercise reasonable skill and care
\n\uf034 provide honesty and fair dealing
\n\uf034 present all offers in a timely fashion
\n\uf034 assist the parties in closing the transaction
\n\uf034 keep the parties fully informed
\n\uf034 advise the parties to obtain expert advice or counsel
\n\uf034 disclose to both parties in residential sale transactions all material
\nfacts affecting the property’s value
\n\uf034 protect the confidences of both parties in matters that would
\nmaterially disadvantage one party over the other.
\nDuties not imposed on the transaction broker. Since there are no fiduciary
\nduties binding the transaction broker, the broker is held to standards for dealing
\nwith customers as opposed to clients. These include honesty, fair dealing, and
\nreasonable care. The transaction broker is under no obligation to inspect the
\nproperty for the benefit of a party or verify the accuracy of statements made by a
\nparty.
\nAs state regulatory authorities formalize the facilitator role, it is expected that
\nbrokers will have to obtain written consent from the principal parties, just as in
\nthe case of dual agency.
\nNo subagency<\/strong><\/p>\n

As another response to the problem of \u2018who works for whom,\u2019 some states have
\nrecently moved in the direction of disallowing subagency. In this scenario,
\nsubagency is replaced by buyer agency and seller agency only. In other words, an
\nagent either represents the buyer directly, or the seller directly. An agent who
\nshows a buyer a property either represents the buyer, or is in fact the listing
\nagent. Note that this arrangement need not change traditional compensation
\nstructures: an agent may represent a buyer and still receive a portion of the
\ncommission paid by the seller.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\ubd80\ub3d9\uc0b0 \uc9c0\uc2dd 37-Agency-c.Forms of Real Estate Agency \u00a0 a.The Agency Relationship b.Fiduciary Duties c.Forms of Real Estate Agency d.Agency Disclosure Rules\u00a0 C.FORMS OF REAL ESTATE AGENCY Single agency Subagency Dual agency No agency No subagency The primary forms of agency relationship between brokers and principals are: single agency, dual agency, and subagency. In a fourth […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-3044","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"_links":{"self":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/3044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/comments?post=3044"}],"version-history":[{"count":2,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/3044\/revisions"}],"predecessor-version":[{"id":3046,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/3044\/revisions\/3046"}],"wp:attachment":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/media?parent=3044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/categories?post=3044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/tags?post=3044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}