Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Dual agencies can occur with one or two agents. To understand this further, you have to remember that the agent is not really the one who is being hired-the broker is. If you are unaware of this term, dual agency (also known as multiple representation or dual representation) is the practice of an agent representing both a homebuyer and the seller of said home in the same transaction. How Does Dual Agency Work? In fact, I am required by law to explain agency law at my first meeting with a prospective buyer or seller client. Any purchaser, seller, lessor or lessee confronted with a dual agency issue by their real estate agent should not take the issue lightly. A dual agency with two agents can occur when the buyer’s agent and the seller’s agent are licensed under the same broker. Information: Idaho Real Estate Commission Official Website Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. With the growing number of very large and widespread brokerages, the issue of dual agency arises more frequently than ever before. In some states, dual agency can mean two agents working for the same company, each representing a buyer and seller (often referred to as designated agency). Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Per Chapter 20 Idaho Real Estate License Law. Real Estate agents can essentially do one of three things; represent a seller, a buyer or both. The dual agency definition is commonly referred to when a real estate agent is representing both buyer and seller in the same real estate transaction. When a real estate agent represents both parties in a real … Dual agency in a real estate transaction means the broker represents both the seller and the buyer. Because a dual agent is working in a potential conflict-of-interest situation — one client (the seller) wants to get as high a price as possible, while the other client (the buyer) wants to pay as little as possible — the agent can’t take sides or give advice. Dual agency has been causing a stir in the real estate world recently, due to the controversial opinions on the practice. Most real estate agents understand the basics of agency law. First of all, thanks for clarifying between single agent and brokerage dual agency. Limited Dual Agency w/Assigned Agents. A brokerage may represent both the buyer and the seller in the same transaction only as a limited dual agent and only with the express written consent of all other clients involved in the transaction. In some situations, a brokerage that has obtained consent to represent both parties as a limited dual agent may assign individual licensees to act solely on behalf of each party. Most people familiar with the housing market know that a buyer's agent … One of my duties as a real estate agent is to explain how agency law works in Massachusetts. BE WARY OF DUAL AGENCY. Instead, dual agents owe limited fiduciary duties. Limited Dual Agent or Assigned Agent. Disclosed dual agent. If the agent does this, the agent would be acting as a dual agent. In a dual agency with a single agent, potential buyers may ask a seller’s real estate agent to submit an offer on their behalf. If you are a seller’s agent, you represent the seller. Dual agency is legal in all other states and Washington, D.C., though regulations vary by state in three key areas: When during a transaction agents must disclose dual agency; Whether your agent has to explain what dual agency is; Whether buyers and sellers must agree to dual agency … If you are a buyer’s agent, you represent a buyer. I have had conversations with sellers and brokers about the difference, but I never see it mentioned on the big REBlogs. Anyway, the ONLY argument I have seen FOR single agent dual agency that makes (some) sense is in the case of a short sale. In this case, the agent is acting as a dual agent.
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