Agents
doing dual agency transactions should take special care to make clear all existing relationships that could be perceived as conflicts of interest.
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.
Designated
agency does not constitute
dual agency as long as the designated agent (s) represents only one party to the
transaction.»
For those who don't know, «
Transaction Brokerage» is the «Designated
Agency» version of «Limited
Dual Agency».
Hoping / realizing that both sides are comfortable with the outcome of a
dual agency non-negotiation
transaction does not mean that one side or the other would still be happy upon ultimately learning that the other side would have offered more or would have conceded more.
We
do a lot of
dual agency transactions, which keeps our numbers so high.
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.
By forgoing potentially millions of eyeballs on two leading real estate portals, one could argue that Edina is betting the «double dip» they will get from
dual agency transactions will more than make up for the loss in visibility — a loss that could increase market time of listings and loss of clients who
DO want wider distribution of their home.
73
DOS 95 Matter of
DOS v. Marotta - consolidation of actions;
dual agency; disgorgement of broker commission; broker may act concurrently in a single
transaction as an agent and a principal with informed consent of and full disclosure to principal; broker's agreement breached by broker where broker obtained property incompatible with client's stated needs; no broker's fee earned where brokerage agreement breached by broker; broker engaging in business under trade name acts as individual;
agency created between broker and buyer by conduct of parties;
dual agency allowed upon full disclosure and informed consent of both buyer and seller; no commission earned by broker where breach of fiduciary duty; refund unearned commissions
79
DOS 99 Matter of
DOS v. Pagano - disclosure of
agency relationships; failure to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service;
DOS has jurisdiction after expiration of respondents» licenses as acts of misconduct occurred and the proceedings were commenced while the respondents were licensed; licensee fails to timely provide seller client with
agency disclosure form prior to entering into listing agreement and fails to timely provide
agency disclosure form to buyer upon first substantive contact; broker fails to make it clear for which party he is acting; broker violates 19 NYCRR 175.24 by using exclusive right to sell listing agreement without mandatory definitions of «exclusive right to sell» and «exclusive
agency»; broker breaches fiduciary duties to seller clients by misleading them as to buyer's ability to financially consummate the
transaction; broker breaches his fiduciary duty to seller by referring seller to the attorney who represented the buyers when he knew or should have known such attorney could not properly protect seller's interests; improper for broker to use listing agreements providing for broker to retain one half of any deposit if forfeited by buyer as such forfeiture clause could, by its terms, allow broker to retain part of the deposit when broker
did not earn a commission; broker must conduct business under name as it appears on license; broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of real estate which
did not contain a clause making it subject to the approval of the parties» attorneys and were not a form recommended by a joint bar / real estate board committee; broker demonstrated untrustworthiness and incompetency in using sales contract which purported to change the terms of the listing agreement to include a higher commission; broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete; broker failed to amend purchase agreement to reflect amendment to increase deposit amount; broker demonstrated untrustworthiness in back - dating purchase agreements; broker demonstrated untrustworthiness in participating in scheme to have seller hold undisclosed second mortgage and to mislead first mortgagee about the purchaser's financial ability to purchase; broker demonstrated untrustworthiness by claiming unearned commission and filing affidavit of entitlement for unearned commission;
DOS fails to establish by substantial evidence that respondent acted as undisclosed
dual agent; corporate broker bound by the knowledge acquired by and is responsible for acts committed by its licensees within the actual or apparent scope of their authority; corporate and individual brokers» licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained
Finding that Vail Associates had not represented both the Olsen children and Lindholm in the same
transaction, the court affirmed the lower courts» findings that the brokerage
did not engage in undisclosed
dual agency.
103
DOS 95 Matter of
DOS v. Lana - fiduciary duty; vicarious liability;
dual agency; breach of fiduciary duty where seller's agent advised buyer can purchase property for less than asking price; broker not liable without actual knowledge of misconduct or after notice retains proceeds therefrom; mutually dependent
transaction did not arise creating improper double
agency; amend pleadings to conform to proof; two month suspension results