Wayne Moen Team 780.439.7000
AGENCY
-THE REALTOR®/CLIENT RELATIONSHIP-
Definitions
Agency:The legal relationship which exists between the client and the brokerage, the agent. The essence of the agency relationship is that the agent has the authority to represent the client in dealings with others. Agents are obligated to protect and promote the interests of their clients and also owe certain legal and ethical duties to their clients.
Dual Agency:A situation that occurs when one brokerage (including the broker and all agents registered to it) represents two parties with respect to the potential purchase of a property. Since the brokerage is working for both parties, it is necessary to limit the fiduciary duties owed to both clients. Dual agency must be acknowledged in writing by the parties.
DUTIES OF THE RELATIONSHIP
BROKERAGE/AGENT:
1.Loyalty – to protect their client’s negotiating position and to work honestly in the best interests of their client.
2.Obedience – to carry out all lawful instructions of their client.
3.Confidentiality – to keep the confidences of their client.
4.Competence – to exercise reasonable care and skill in performing all assigned duties.
5.Disclosure – to disclose all relevant information known by the agent that may influence their client’s decisions.
6.Accounting – to account for all money and property held by the agent while acting for their client.
CLIENT:
The client has the duty to pay any agreed compensation to the brokerage.