Article 17 is not to be construed as precluding a REALTOR ® who is a defendant in litigation from joining a cooperating agent and / or
subagent in the litigation.
Jonathan Lyons represents a select list of authors of biographies, history, science, pop culture, sports, general narrative non-fiction, mysteries, thrillers, science fiction and fantasy, and young adult fiction, in addition to serving as
subagent in the United States for several agencies in the UK.
Not exact matches
(For example, how do
subagents and buyer's agents differ
in practice?)
Although a
subagent can not assist the buyer
in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the
subagent.
The shift, starting
in about 1985, from cooperating brokers working as
subagents of the listing brokers to representing buyers.
Being an exclusive buyer's representative
in southwest Florida, I found your article on buyer representation («They Say They're Buyer's Reps, but They Act Like
Subagents,» January 1997, page 43) very interesting.
The court first considered the Buyer's Representative argument that it did not need a contract directly with the Seller
in order to earn a commission, as the listing broker's agreement with the Seller allowed the listing broker to use
subagents.
Although
subagents can't assist the buyer
in any way that would be detrimental to their client the seller, a buyer - customer working with a
subagent can expect the
subagent to treat him honestly.
In many states, this means that if you are a buyer, your agent may be acting as a
subagent of the seller.
Fact Situation # 1 Listing Broker L placed a listing
in the MLS and offered compensation to
subagents and to buyer agents.
Undivided Loyalty The fiduciary duty that prohibits the agent from advancing any interests adverse to the principal's interest or conducting the principal's business
in such a way as to benefit a customer, a
subagent, the agent, or any other party to the detriment of the principal's interest unless required by statute, regulation, or common law — e.g., disclosing material facts and defects of a property.
Fact Situation # 3 Broker L placed a listing
in the MLS and offered compensation to
subagents and to buyer agents.
Fact Situation # 6 Listing Broker L placed a listing
in the MLS and made an offer of compensation to
subagents and to buyer agents.
This contract creates the relationship between these parties, establishes the duties of each and the terms under which the listing broker will be deemed to have earned a commission, and frequently will authorize the listing broker to cooperate with or compensate (or both) cooperating brokers who may be
subagents, buyer agents, or acting
in some other capacity.
A multiple listing service is defined as a facility for the orderly correlation and dissemination of listing information among Participants so that they may better serve their clients and customers and the public; is a means by which authorized Participants make blanket unilateral offers of compensation to other Participants (acting as
subagents, buyer agents, or
in other agency or nonagency capacities defined by law); is a means by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals and other valuations of real property; and is a means by which Participants engaging
in real estate appraisal contribute to common databases.