In this scenario, there is a concern that the parties (buyers, sellers and industry members) will clearly understand or not the effects of reaching such an agreement. As an industry member, you face serious challenges when switching from single agency to transaction intermediation, as you may want to instinctively advise or support the client, but you now have a legal obligation to practice total impartiality. Similarly, the consumer may not fully understand the extent of your limited representation created by this transition. These restrictions include all advisory services related to the transaction. No no. The BDBA (as well as the Common-law Buyer BrokerAge Agreement, “BBA”) and the Commission Act require industry members to seek and advise the purchaser of available real estate on the market that can meet the buyer`s requirements, including “for sale by the owners” and all other available real estate known to the industry member. Industry members who do not intend to introduce their buyers; I am not sure how anyone could argue that that is the case. As an agent, consumers lose their ability to have an expert in their corner who guides them and makes the right decision. No no. Because team members transmit or are considered to be confidential customer information, all team members must be designated as the designated representative of a buyer or seller represented by the team or one of its members. If the buyer and seller are represented by the team as a designated agent, they must give their consent to the team that limits their agency obligations when intermediation of transactions. I would ask you to differentiate yourself from the only value that an agent negotiates either for his buyer or for the seller, if there is a dual agency situation! There are many more that goes to work with or both that can be done legally in my state, Minnesota. This article, although it mentions that the duale agency and its definition vary, seems to describe only a very negative description that any duale agency is bad for the client.
This is not true, yes, the agent is not allowed to provide assistance that allows one party to have an advantage over the other, but a good agent always offers his clients considerable support that they could not get on their own. The state requires buyers and sellers to accept the dual agency and for buyers and sellers to understand that the broker/broker cannot defend one party if it harms the other party. In addition, the agent/broker owes both parties the normal requirements for loyalty, confidentiality, disclosure, obedience, due diligence and liability. I`ve been a real estate agent for 38 years. This article and the writer`s comments refer to grossly greedy and ignorant real estate agents (“MOST agents don`t know the laws in their own state”). There also seems to be a very poor representation of all the work that agents do throughout the Tranasaction, not only “negotiating the agreement to get the commission, or double commission,” or that their only duty is to get the seller the highest price or the buyer the lowest price than their respective agents. A buyer-agent cannot magically induce an informed seller to sell his home for less than he will agree to sell. There are many cases where buyers recommend agents pay a higher price to actually get the home that the buyer wants to buy.