An agent has a legal obligation to explain agency relationship. The consumer has the right to know if a licensee is working for you or with you.
Duties to Customers - agency disclosure, honesty, disclosure of material defects, ministerial acts that don’t involve judgment, discretion, or advocacy.
Duties to Clients - Client level services include all of the above. The agent has fiduciary responsibilities to his principal/client. They are: Confidentiality, Loyalty, Obedience, Accountability, Disclosure, and Reasonable Care.
Agency - the fiduciary relationship resulting from mutual consent between 2 parties (ie. Seller/Broker, Buyer/Broker, Broker/Broker).
Agent - a licensee who has agreed to act on behalf of his/her client/principal and to be subject to that principal’s control.
Subagent - a Broker employed to act for another Broker.
Seller Agent - a Broker who has a Seller for a client; the Listing Broker.
Buyer Agent - a Broker who has a Buyer for a client.
Client – a Buyer or Seller who is represented by a Broker.
Customer - 1. a Buyer who is being helped by a Listing Agent or a Subagent.
2. an unrepresented Seller(For Sale By Owner) who cooperates with a Buyers Agent.