Question: Who is your agent and what are their obligations?

Question

Who is your agent and what are their obligations?

Answer

The real estate brokerage where your REALTOR® is licensed is your agent. All real estate agents are licensed under the Real Estate Services Act.

Your REALTOR® represents that brokerage and has legal obligations to you including, loyalty, confidentiality and disclosure. REALTORS® are legally obligated to:

• disclose their relationship with you and whether they have any relationship with the seller (if you are the buyer) or the buyer (if you are the seller)
• put your interests ahead of their own
• refrain from revealing your personal information unless you approve
• advise you of all pertinent information relating to a property, real estate contracts and their relationship with you before you make a decision
• obey all lawful instructions you give them
• account for all monies entrusted to them

Note: While REALTORS® have agency (fiduciary) obligations of loyalty, disclosure and confidentiality to their clients, they do not have these same obligations to parties who are not clients. (However, REALTORS® must treat unrepresented parties fairly, as defined in the REALTOR® Code of Ethics.) Therefore, it is important to understand who is representing whom in a real estate transaction.

 

SOURCE: http://www.rebgv.org/who-your-agent-and-what-are-their-obligations

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