REAL ESTATE AGENCY RELATIONSHIPS
Real estate brokers (“broker”) are persons who are licensed to transact real estate business by the state in which they work. Real estate persons (“Real Estate Licensee”) are persons who are employed directly or indirectly by a Broker and are licensed to conduct real estate business on behalf of a Broker by the state in which they work. In real estate transactions, an agency relationship may be formed between a Broker and a client. The client may be either a Buyer or Lessee (“Buyer”) or a Seller or Lessor (“Seller”). The client generally works with one Real Estate Licensee who is associated with the Broker. If you choose to have a Broker represent you in an agency relationship, you should enter into a written contract that establishes the obligations of both parties, and specifies how and when your Broker will be compensated. Before you enter into an agency relationship with Addison Real Estate, you should understand the types of relationships that are available to you. In Pennsylvania you will be asked to acknowledge the “Consumer Notice”; in New Jersey, the “Consumer Information Statement”; and in Delaware the “Disclosure Regarding Real Estate Agency Relationships”. Each of these disclosures will provide you with information regarding the nature of the relationship you are about to begin and the rights and obligations it creates within that state.
Definitions
SELLER AGENCY: The Seller’s broker, any cooperating broker, and any salesperson working with either, are representing the Seller’s interest and have fiduciary responsibilities to the Seller, but are obligated to treat all parties with honesty. The Buyer’s broker, and any salesperson working for this broker, without breaching the fiduciary responsibilities to the Buyer, may, among other services, provide a Seller with information about the transaction. The Buyer’s broker, and any salesperson working for this broker, also has the duty to respond accurately and honestly to Seller’s questions and disclose material facts about the transaction, submit promptly all offers to purchase through proper procedures, and serve without unlawful discrimination.
DUAL AGENCY: A real estate broker when acting for one client has fiduciary duties that include undivided loyalty, confidentiality and full disclosure, but only to one client. Dual Agency creates a conflict of interest because the broker’s fiduciary duties of confidentiality, full disclosure and loyalty to one party conflict with those same duties to the other party. A real estate broker can however be the dual agent of both Seller and Buyer in the same transaction, but only with the knowledge and written consent of Seller and Buyer. The broker may not represent the interest of one party to the exclusion or detriment of the interests of the other party and may not take any action that is adverse or detrimental to either party’s interest in the transaction.
You should read all agreements to ensure that they adequately express your understanding of the transaction. A Broker or Real Estate Licensee is a person licensed to advise you about real estate. If legal, tax or other advice is desired, you should consult a professional in that field.
Throughout the transaction you may receive more than one disclosure form. You should read its contents each time it is presented to you, considering the relationship, if any, between you and the Broker and Real Estate Licensees in your specific transaction.
In consideration for services to be provided at addisonre.com, user agrees that his or her initial search price range is within user’s general area of affordability. User further agrees to get pre-qualified if uncertain about how much user can afford.
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