Sentences with phrase «limited dual agents»

Limited dual agents have a duty to treat the buyer and the seller impartially, and other than the exceptions set out in the Limited Dual Agency Agreement, they must disclose everything material to both the buyer and the seller.

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 follows:

Under brokerage agency, this transaction typically becomes one where the brokerage and its related licensees become limited dual agents, with the consent of the clients, and the clients» interests are treated impartially.

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.

In other words, licensees acting for a buyer or as a limited dual agent will be receiving remuneration from the seller and not from their buyer client.

For licensees providing trading services, if they are acting either as a buyer's agent or as a limited dual agent, they will likely be receiving remuneration from someone other than their buyer client as a result of providing the real estate services.

As a limited dual agent you will be required to:

As a limited dual agent, a licensee who is acting on behalf of both clients should remember the key elements to correct conduct as a limited dual agent:

Never agree to act as an unrepresented buyer's limited dual agent without first obtaining the express consent of your seller - client.

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.

Where the licensee is acting as a limited dual agent, the licensee should take care to ensure his or her impartiality.

It is not necessary for a licensee to act as a limited dual agent in order for the licensee to receive the full commission payable.

In cases where a licensee is acting as a limited dual agent in a situation other than for a buyer and a seller, the limitations with respect to disclosure by the licensee will change.

The courts are increasingly imposing an obligation on the limited dual agent to inform both clients of the «full implications of representation by a limited dual agent».

Until you have your client's consent to act as a limited dual agent, you should not do anything for the unrepresented buyer that will give the impression that you are acting as their agent — such as giving advice.

Ms. Guo acted as a limited dual agent in the assignment of a contract.

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 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:

Rather than acting as a limited dual agent, you can choose to act as the agent of only one of the parties, treating the other party, with their agreement, as a customer.

If the seller has agreed that you can act as a limited dual agent for both them and the buyers, you must take a neutral position.

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.

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 listing licensee should be aware that if acting as a limited dual agent for both the buyer who wishes to present a referential offer and the seller, the usual principles of dual agency apply and the licensee should ensure that both parties understand the limitations of the licensee acting as a dual agent.

If a brokerage acts for both the landlord and the tenant, particularly in the arranging of commercial leases, the brokerage may wish to act as a limited dual agent.

Additionally, licensees must keep in mind that the limited dual agent is still the agent of both parties and, subject to the limitations agreed to by the clients, must ensure that full disclosure respecting the subject matter of the contract is made to both clients.

Obtaining informed consent before acting is also necessary if a brokerage or any of its related licensees wishes to alter an existing relationship; for example, to move from acting on behalf of only one party to a trade to acting as a limited dual agent on behalf of both parties.

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.

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

While it is true that «dual agency» was outlawed many years ago, agents had moved to either a «limited dual agency» or offering «no agency» to buyers who came knocking on the listing agent's door.

Dual agents owe limited fiduciary consent of both parties.

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 such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients.

The dual agent's duty for sharing confidential price information of each party is limited, but otherwise the duty is not limited.

Dual agency relationships don't carry with them all of the traditional fiduciary duties to the clients; instead, dual agents owe limited fiduciary dutDual agency relationships don't carry with them all of the traditional fiduciary duties to the clients; instead, dual agents owe limited fiduciary dutdual agents owe limited fiduciary duties.

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.

Where a limited dual agency relationship has been agreed to, it is not possible for the agent (brokerage or its designated agent) to fulfill all of its duties to both parties.

Designated agency allows two clients who have engaged the same brokerage to have independent representation by their respective designated agents, eliminating the occurrence of «in - house» limited dual agency where the interests of those clients are in conflict, e.g. they wish to negotiate in relation to the same property.

2) Every other Hallmark Agent who remains as always, legally obligated and Limited as Dual Agents on all Hallmark listings except Lind's.

In order to comply with the disclosure requirements of section 5 - 10 of the Rules, appropriate disclosure of the limited dual agency relationship must be made at the first reasonable opportunity and, where possible, made before either client has disclosed confidential information to the agent.

Limited Dual Agency: You, Your Seller and the Unrepresented Buyer Here is a scenario that may present itself to trading services licensees: You are the listing agent helping a couple sell their home, and over the past few weeks you've developed a good working relationship with them.

With proper practice, including not sharing the confidential information of their respective clients, designated agents engaged by the same brokerage are able to avoid many of the conflicts that can arise under limited dual agency with respect to these types of «in - house» transactions.

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.

The conflicts of limited dual agency continue to exist, however, if the same designated agents are acting on behalf of a seller and a buyer in relation to the same transaction, or acting on behalf of two buyers who are interested in buying the same property.

Unfortunately, most agent in Canada see nothing wrong with «dual agency» and feel that as long as buyers and sellers sign the limited agency forms created by their boards and associations they are legally protected.