![]() ![]() ![]() identify and estimate service costs of other professionals involved in a transaction.explain real estate terms and practices.to account for all money and property placed in their possession while acting on your behalf. ![]() to exercise reasonable care and skill in performing all assigned duties and.to disclose all relevant facts about a property or a transaction known to the licensee, including material latent defects.to protect and promote your negotiating position at all times.As a client, your licensee has the following duties to you: The essence of the agency relationship is that the brokerage has the authority to represent you as a client in real estate dealings with others.īrokerages and designated agents are legally obligated to protect and promote their client’s interests. CLIENT RELATIONSHIPĪs the client, the agency relationship exists between you and the brokerage under common law agency, or between you and the designated agent under designated agency. The difference between the two relationships is that licensee and brokerage have a much higher level of responsibility to you if you are a client. If you are a client, you are in an agency relationship if you are a customer, you are not. The law of agency describes it as a relationship where one party (the licensee) accepts responsibility for representing another party (the client) in dealing with a third party.Ī licensee may or may not have an agency relationship with you. Agency is a legal concept and the root of all agent-client relationships. ![]()
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