Sentences with phrase «agent in a dual agency»

DUAL AGENCY SITUATION — What if you are the listing agent in a dual agency situation and your sellers asks you for some feedback.

Not exact matches

5 % if any two agents are part of the transaction; 4 % if I am the only agent in the transaction (in my state we do «limited representation» in lieu of dual agency), and 3 % if the seller brings me a buyer to close.

Agents who ONLY represent buyers and never engage in dual agency.

Posted in: Buying a House, Selling a House Tagged: agency realtionship, dual agency, real estate agent

Many clients today look for a specialized agent and pass by an agent who might work in dual agency.

The provincial association's concern is that not permitting dual agencies, especially in rural areas may limit agents.

The seller, regardless of her level of legal sophistication, was entitled to full disclosure in writing of the dual agency arrangement; the agent's failure to reveal that material fact disentitled her to the commission she would otherwise have been owed.

The court found that the agent did not review the dual agency provision with the seller and had not informed her in writing and prior to the offer being presented, as the commission agreement specifically required her to do.

And you're probably correct in your assertion that many agents when undertaking a dual agency scenario fail to fulfill their fiduciary responsibilities to at least one of the parties.

(2) The designation of one or more licensees as a designated agent does not constitute dual agency under this section unless the licensee designated as the designated agent represents the parties referred to in paragraph (a), (b), (c) or (d) of the definition of «dual agency» as clients in respect of a trade in real estate.

Buyer and seller representation with disclosed dual agency: An agent may represent both the buyer and the seller in the same transaction, with the informed consent of both.

In the 1990s states began adopting legislation that established the designated and disclosed dual agency models and outlined the duties of practitioners based on the role they were assuming, such as seller's agent, buyer's agent, dual agent, or transaction facilitator.

I have always found that honesty / full disclosure was the best strategy when explaining the ins and outs of real estate dealings between agents and their clients, but especially during dual agency proceedings.

My greatest concern would be for the liability of the dual agent (in the same office as the listing agent) deemed to have the knowledge and, in dual agency jurisdictions, unable to act under the umbrella of a transaction brokerage as a designated agent.

Buyer Agents will for the first time be able to explain Dual Agency and Single Agency along with a recommendation for any Buyer to contact a lawyer and get a legal opinion on whether Dual Agency is in the Buyer's Best interests.

Realtors should bear in mind as well that in Asia, dual agency — where one agent represents both buyer and seller — tends to be the rule rather than the exception.

The listing agent then had them sign a BRA with them so they were acting in dual agency, or multiple representation.

This case turns more on the patent nature of the defects, on the agent electing to represent both parties by Limited Dual Agency, and on the agent's failure to ensure her buyer client was adequately protected by having a building inspection clause in the contract.

In a dual agency situation very few agents will ever suggest that the buyers and sellers seek out new agents to represent their best interests, since the agent will now be required to share their commission.

Dual agency also applies to a single agent who represents both the buyer and the seller in a short sale transaction.

Undisclosed dual agency is a particular problem in states that do not have buyer's agents and, in states like New York, where buyer's agency is a relatively new concept.

How can buyers or sellers develop negotiating strategies that might work in their best interests if they are in a dual agency situation and can not rely on their agents professional negotiating skills.

Cynthia Curley («Buyer») made an offer to purchase the property, and Adams sent the Buyer a dual agency form asking her to acknowledge that Adams would serve as a dual agent in the transaction.

Rita I am wondering if it is a wise idea to attend the home inspections if you are acting as a dual agent or even in single agency.

Dual agency certainly disadvantages a buyer or seller or both in a real estate transaction at the expense of their professional agents.

Many agents are very uncomfortable in a dual agency situation.

Even if one of those other licensees has long before established an agency relationship with a buyer, if that buyer becomes interested in any of the brokerage's listings, both the seller and the buyer must first agree for their respective licensees and the brokerage to act as dual agents before the seller and buyer can begin negotiating the transaction while using the assistance of those two licensees.

Agents that I have had the pleasure of working with and whom I consider to be extremely ethical, sometimes act like a long - tailed cat in a room full of rocking chairs when they find themselves in a dual agency situation.

In order to do their jobs, RECO must practise dual agency... they represent both sides... the agents / registrants AND the public.

Fortunately for the REALTOR few buyers will object to being represented in a dual agency situation and lucky for the agents that buyers do not clearly understand their rights.

That would be nice, but most agents find themselves in dual agency situations when dealing with their buyers and sellers and can no longer represent their clients best interests.

It is my guesstimate that approximately 30 of all real estate transactions are dual agency, so why would an informed buyer be interested in signing a BBA and be willing to pay an agent a fee for a reduced level of service.

Also very few agents get overly involved in explaining «dual agency» to their buyers and generally have the buyers agree to their being represented in a dual agency situation on signing a BRA contract rather than at the time of the conflict..

The ATF considered designated agency to be a positive alternative to in - house dual agency when there is a licensee acting as sole agent for the seller, another licensee engaged by the same brokerage who is acting as sole agent for a buyer, and the buyer becomes interested in the property offered for sale by the seller.

The brokerage would not start out, as it does today, as the sole agent for one of the parties, with every licensee engaged by the brokerage taking on the same status, and then have to strip away many of its agency obligations (and simultaneously stop being able to provide the agency services it initially offered) to become an impartial dual agent in an «in - house» transaction.

Dual Agency - you didn't tell us that the agents in your office could not get us the highest price Competitors - you told us you were better than the other agents and would do a better job.

Many real estate agents don't know what they are able to do and not do in a dual agency relationship.

Also called, among other things «appointed agency,» this is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as agents of the seller, and which will act as agents of the buyer, without the individual licensees being dual agents.

Dual agency arises with little warning and results in the abandonment of the services for which the agent was hired.

Therefore, limited dual agency in designated agency occurs only when the same licensee or licensees have been designated as the designated agent to represent two different clients who have conflicting interests; e.g. who become interested in negotiating with respect to the same real estate.

The agent sitting in the open house represents the seller so if a buyer buys the house, a dual agency would be created (can you say, «Serve two masters»).

Some banks are no longer paying dual agency to a Broker in order to prevent the hiring of the buyer's agents by the listing agent.

Besides, bank tend to reduce the commission to listing agents who practice dual agency in a short sale.

Section (198 A.D. 2d 176) summary judgment for tenant reversed on listing broker's claim for interference with contract; broker never claimed to be tenant's agent, thus no defense of undisclosed dual agency; broker properly sought to memorialize its role in procuring tenant.

Controlled business arrangements, home warranties (that pay kickbacks to agents and brokers), dual agency (double commission «hoggers»), arbitration and other traps are all worthy traps that live in these agreements.

Dual agency - Representation of two principals (usually seller and buyer) by the same agent in the same transaction.

If a property isn't listed in the MLS, critics say, the listing agent or brokerage is more likely to also represent the seller — a situation that's often defined by state law as «dual agency» representation.

Complications can arise in dual - agency transactions that can be problematic for all parties, including the agent.

Dual agency is where the agent must suddenly and with little warning abandon their clients and where they are prohibited from advising their clients on negotiating price, terms or on any other matter that could be construed as a detriment to either party — in other words, the agent can't really do anything.

Although «disclosure» of risks may be statutorily satisfied, conduct inconsistent with fiduciary duties is not exempted and presumptions of breach of duty still exist in a dual agency situation (brokers are still dual agents).