You can negotiate the amount of any deposit.īoth parties need to be clear about who will hold any deposit funds and what will happen in the event of a dispute between the parties.( Check that both the broker's and salesperson's licenses have not been subject to disciplinary action, such as a suspension or revocation.) Make sure the real estate agent is licensed, active and in good standing with the Board.Disclosing financial information or information regarding your urgency to make a deal may undermine your bargaining position if the broker conveys it to the seller. Do not reveal too much personal information, especially when working with a seller's broker or a facilitator. It is very important that the agent provide you with a disclosure of who he or she represents prior to any discussions about the transaction. If the agent is a Facilitator he does not represent either party. Who does the real estate agent represent? The agent may represent the Buyer or the Seller, or both.Things Buyers Should Know when Dealing with a Real Estate Agent A salesperson can not operate his own real estate business. A salesperson also has no authority or control over escrow funds.Ī salesperson must be affiliated with a broker, either as an employee or as an independent contractor, and work under the supervision of the broker. A real estate broker must supervise any transactions conducted by a salesperson.Ī real estate salesperson engages in the same activities as a broker, except completing the negotiation of any agreement or transaction. A broker is responsible for accepting and escrowing all funds, such as a deposit placed on the purchase of a home, and for finalizing transactions. To become licensed, an applicant must satisfactorily complete the agent curriculum in real estate approved by the Board and pass a written examination conducted by the Board's testing service.Ī real estate broker negotiates agreements to sell, exchange, purchase, rent or lease interests in real property for a fee, commission or other valuable consideration for another person. This assistance includes a number of services, such as examining property for basic valuations (not to be confused with the services of a licensed appraiser), negotiating purchase, sale or lease agreements, maintaining escrow accounts, and advertising. The license must be current and in an Active status. Only licensed real estate brokers and salespersons can assist you with the purchase, sale, lease or exchange of real property. Should the seller and buyer expressly agree a facilitator relationship can be changed to become an exclusive agency relationship with either the seller or the buyer. The role of facilitator applies only to the seller and buyer in the particular property transaction involving the seller and buyer. Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential. The facilitator and the broker with whom the facilitator is affiliated owe the seller and buyer a duty to present each property honestly and accurately by disclosing known material defects about the property and owe a duty to account for funds. When a real estate agent works as a facilitator that agent assists the seller and buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. Undisclosed dual agency by a broker is illegal. In this type of agency relationship, the broker does not represent either the seller or the buyer exclusively, and neither party can expect the broker's undivided loyalty. In this case, the broker is considered a "disclosed dual agent." This broker owes both the seller and buyer a duty to deal with them fairly and honestly. Disclosed Dual AgentĪ broker can work for both the buyer and the seller on the same property provided the broker gets the consent of both parties and provides each with a written notice of the relationship. In negotiating for the best prices and terms, she must put your interests first. She must obey your instructions and keep confidential anything you tell her that may affect your purchase of real property. In this case, the broker represents you and is accountable to you. You may engage the services of a broker to represent you exclusively as a buyer of real property. In negotiating for the best price and terms, he must put your interests first. That broker represents you, the seller, and owes you undivided loyalty, confidentiality and accountability. If you engage the services of a listing broker to sell your property, you become the broker's client.
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