Sentences with phrase «duties as a dual agent»

The question for the court was whether the Brokerage's duties as a dual agent extended to the associate licensees.

Not exact matches

In this decision, the California Supreme Court considered the duty owed by a listing broker to the buyer when the broker is acting as a dual agent.

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.

The Alabama Supreme Court has ruled that a salesperson who acted as a dual agent for both the buyers and sellers in a transaction had a fiduciary duty to make accurate statements to buyers when questioned about a property.

Pennsylvania federal court rules that real estate brokerage did not owe fiduciary duties to seller when acting as a dual agent and so dismissed those claims against brokerage but allowed other claims made against brokerage to continue.

The court held that a broker's actions and words to a prospective purchaser may be sufficient to establish an agency relationship, and that a broker acting as an undisclosed dual agent may be held liable for breach of fiduciary duties and unfair dealing.

An Alaskan court has considered whether a real estate salesperson breached her duty to her client by acting as an undisclosed dual agent.

Under brokerage agency, when the brokerage is acting as a limited dual agent, the brokerage and these competing clients have agreed that the duties and obligations of the brokerage and its related licensees are to be limited.

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

As a result, the duties are limited by contract (e.g. the Limited Dual Agency Agreement created by the British Columbia Real Estate Association) and the sole agent, whether the brokerage or its designated agents as the case may be, become limited dual agents, with their duties being limited as followAs a result, the duties are limited by contract (e.g. the Limited Dual Agency Agreement created by the British Columbia Real Estate Association) and the sole agent, whether the brokerage or its designated agents as the case may be, become limited dual agents, with their duties being limited as follDual Agency Agreement created by the British Columbia Real Estate Association) and the sole agent, whether the brokerage or its designated agents as the case may be, become limited dual agents, with their duties being limited as followas the case may be, become limited dual agents, with their duties being limited as folldual agents, with their duties being limited as followas follows:

An important point for brokerages and their related licensees to keep in mind is that their clients must agree to the limitations placed on a licensee's usual duties before the licensee acts as a limited dual agent.

Licensees should also be aware that when acting as a limited dual agent in a transaction where the parties to a contract have entered into a limited dual agency agreement, that agreement specifically modifies the duty of confidentiality and provides that licensees have a duty to disclose information to both parties in a transaction, subject to three exceptions as follows:

In order to act as a limited dual agent, a licensee (whether the brokerage in brokerage agency or the designated agent in designated agency) must have the agreement of the two clients as to how the duties owed to those clients are to be modified or made inapplicable.

The «AS LIMITED DUAL AGENT» column describes the duties that a brokerage under brokerage agency, or a designated agent under designated agency, would have to both clients if those clients have agreed that the brokerage or the designated agent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same tradAS LIMITED DUAL AGENT» column describes the duties that a brokerage under brokerage agency, or a designated agent under designated agency, would have to both clients if those clients have agreed that the brokerage or the designated agent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same trDUAL AGENT» column describes the duties that a brokerage under brokerage agency, or a designated agent under designated agency, would have to both clients if those clients have agreed that the brokerage or the designated agent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same tAGENT» column describes the duties that a brokerage under brokerage agency, or a designated agent under designated agency, would have to both clients if those clients have agreed that the brokerage or the designated agent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same tagent under designated agency, would have to both clients if those clients have agreed that the brokerage or the designated agent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same tagent, as the case may be, are able to act on their behalf as a limited dual agent in relation to the same tradas the case may be, are able to act on their behalf as a limited dual agent in relation to the same tradas a limited dual agent in relation to the same trdual agent in relation to the same tagent in relation to the same trade.

Despite the fact that a seller does not have an obligation at law to disclose the existence of a stigma that affects their property, the seller has, when consenting to the listing brokerage acting as a limited dual agent, agreed that the brokerage will have a duty of disclosure to the buyer, excluding

When acting as a limited dual agent for a buyer and a seller, the licensee's duty of full disclosure is modified to allow the licensee to keep information in three areas confidential:

In order to avoid potential misunderstandings, and prior to acting as a limited dual agent, licensees should review with each party the limitations placed on a licensee's usual duties by this contract.

If, however, the same licensee has the consent of competing buyers to act as a designated agent on their behalf, this would be an example of limited dual agency and there would be a similar limitation of duties necessary as described above.

First, take some time to review the resources suggested in the «For more information» section of this article, and make sure you fully understand your duties as a limited dual agent — and the risks of representing clients with competing interests.

The Sellers argued that the Broker breached her fiduciary duty to them when she showed other properties to the Buyer without disclosing to the Sellers that she was acting as a dual agent.

Looking at the facts, the court determined that the Broker did not act as a dual agent and so did not breach her fiduciary duty to the Sellers.

When a licensee is acting as a dual agent, the licensee needs to disclose this fact to his / her client and failure to do so is a breach of his / her fiduciary duty.

Therefore, the court concluded that the Broker did not act as a dual agent and so didn't breach her fiduciary duty to her clients, entitling the Brokerage to its commission.

As of Jan. 1, 2015, the duty of a real estate agent to disclose in writing his or her representation of a buyer, seller, tenant and / or landlord, including any dual agency relationship, in residential real property transactions extended to transactions involving commercial real property.

Issue: When a broker acts as a dual agent, representing both buyer and seller in a real property transaction — does the salesperson acting under the broker have the same fiduciary duty to buyer and seller as the broker?