Sentences with phrase «designated agent for the seller»

Where an unrepresented buyer approaches a licensee who is acting as a designated agent for a seller, as in Mr. Teichner's example of an open house, and that buyer expresses interest in the property being offered for sale by that seller, the ATF suggests that the designated agent should inform the buyer that the licensee is the agent for the seller (this is typically already understood by the unrepresented buyer) and explain the services that can be provided to the buyer as a customer.

The buyer is treated as a customer, not a client, and the licensee continues to act as the designated agent for the seller.

First, you should advise your former client that you can not represent her as a client because you are already the designated agent for the seller.

While acting as the designated agent for a seller, an unrepresented buyer asks me if I can represent her in making an offer to purchase my seller client's property.

The members of my team are the designated agents for the seller of a property.

If you are the designated agent for the seller, and a close relative of yours is the designated agent for the buyer, you and the other designated agent are both in a conflict of interest.

Q: I am the designated agent for a seller, and I have been approached by a former client who is interested in my seller's property.

It would not be appropriate for you to act as designated agent for the buyer while also supervising your licensee (the designated agent for the seller.)

Before showing your seller client's property to the unrepresented buyer, you should have advised the buyer that you could not offer him agency as you are already the designated agent for the seller.

I am the designated agent for a seller.

For example, if John Smith and Wendy Chang are a team, John can not act as designated agent for the seller and Wendy as designated agent for the buyer in relation to the same trade.

Not exact matches

Regardless of how brilliantly the Realtor makes his disclosures, the client does not give his «informed consent» to Designated Agency until such time as when Realtors inform their future principals (sellers and buyers) that they — even if innocent — will become «vicariously liable» for the Realtor's misconduct and neglects committed in the course of the principal's business, even though only committed for the agent's benefit (the earning of a commission).

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.

Once the new Rules come in to place on June 15, 2018, can I stop acting as a designated agent for the team's seller client, and begin acting for the buyer as his sole designated agent?

You can not end your agency relationship with the seller and begin acting for the buyer as his designated agent, even with the consent of the seller and buyer, because:

For example, a brokerage, or in the case of designated agency a designated agent who is representing a buyer in a transaction where the brokerage had previously represented the seller when they purchased the property in question, can not disclose to the current buyer any confidential or personal information about the seller received as a result of providing services to the seller (in the previous relationship).

The changes would allow one or more licensees to be designated as agents for a seller or buyer, rather than the current practice of all licensees within a brokerage firm owing fiduciary duty to the principal.

One option is for you to represent the buyer in the sale, but because of the potential conflict where the buyer's designated agent (you, the broker) has had access to the previous agreement of purchase and sale, the seller would have to acknowledge this and agree to it in writing, BEFORE any offer to purchase is prepared.

Some states have «designated agency» laws that allow brokers to appoint one agent to work for the buyer and another to work for the seller.

the duty of full disclosure is limited so that the brokerage or its designated agent are not required to disclose what the buyer is willing to pay for the property, what the seller is willing to sell the property for, or the motivation of either party; and

For example, a brokerage or a designated agent may act as a sole agent on behalf of one party (e.g. a seller) while treating the other party (e.g. the buyer) as a customer.

Rick Shaffer: Basically, it's the same as... For example, if a seller's agent list a property and then an agent from another agency, who's not acting as a buyer's broker necessarily, but brings someone who ultimately buys the property, then the listing agent ends up spiting the commission with them, so it's really the same thing with the designated buyer's broker.

Only an exclusive buyer agent, who works for a real estate company that doesn't list properties for sale or represent sellers, can guarantee that they will never practice dual agency or designated buyer agency.

Felix, however, is already a designated agent for both the seller and the buyers, has received the consent of the two parties to act as a dual agent, and must treat them impartially.

The changes allow one or more licensees to be designated as agents for a seller or buyer, rather than the current practice of all licensees within a brokerage firm owing fiduciary duty to the principal.

Felix, however, is a designated agent for both the seller and the buyers, has received the consent of the two parties to act as a dual agent, and must treat them impartially.