a designated agency is one that represents both buyers’ and sellers’ interests. this is important because the broker is placed in a fiduciary relationship and the agents acting for the seller and buyer must retain the ability to act in the best interests of their respective clients. you tell the agent what you are looking for and how much you are prepared to pay. when you sign that agreement, you will notice that it’s with the agency and not with the agent you are dealing with. it is the responsibility of the agency to represent your interests. in some states, it’s possible for one estate agent to act as a designated agency and to represent the interests of both parties.
from a legal point of view, this is a difficult concept because when an agent is appointed to act for you, you are actually appointing the entire agency or brokerage. she contacts the real estate agent to make an appointment to see some properties and decides to purchase one. when she is preparing her offer, she is made aware that the real estate broker is acting as a designated agent representing both the buyer and seller. do you understand who the real estate agent really represents? bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. this compensation may impact how, where and in what order products appear.
in most states, dual agency refers to a situation where the same realtor® represents both the buyer and the seller in a real estate transaction. it is not clear what else the agent has left to do in such a situation. however, designated agency does not have to be a negative arrangement for the clients if the real estate company is reputable. after reading the resource from active rain it is clear many agents have no idea what they are able to do and not do when it comes to dual agency. i would beg to differ than the only thing of value an agent does for either their buyer or seller is negotiate if there is a dual agency situation! i am assuming a listing agent is required to represent the best interests of their seller, and same for buyers’ agent? you can’t issue a blanket statement that “dual agency” is not in your best interest when the most knowledgeable and most frequent buyers only want to work that way. as a real estate agent working for my client, my sole obligation is to act at all times in the best interests of my client to the exclusion of all interests, including my own. in dual agency the buyer and seller both lose a fiduciary. it is so refreshing to see a highly successful real estate agent share the truth about an aspect of real estate brokerage that is not right or fair for the consumer. it is not in the best interest of seller to have an agent represent both sides.
is dual agency really the problem or the lack of training on how to effectively use dual agency? i do not agree with the op statement… “it is not clear what else the agent has left to do in such a situation. in a free enterprise system, freedom of choice and the ability to legitimately run your business the way you want to run it are hallmarks of commerce. what single agent dual agency does is create a conflict between a real estate agent and seller/buyer where the goal is to close the transaction – not to do what is best for one of the parties. i agree that it is important for agents, buyers and sellers to be informed, to understand types of agency and representation as set forth by laws and rules. you appear to be someone who doesn’t understand the concept of why dual agency is bad for consumers and that is a shame. the above poster talks about dual agency as if it is workable. the broker is a dual agent and is supposed to be supervising the agents. cassie, the agent/broker is incorrect for saying that they can’t still work with the buyer after you’ve chosen not to enter into a dual agency relationship with them. it’s also a good practice to get this discussion in writing and have the buyer sign off on it along with the agency disclosure statement that your broker is legally required to provide the buyer. as long as it has been thoroughly disclosed to both parties, this may be in the best interest of both parties if a competent agent is managing the deal to insure it gets closed for both parties. i live in nevada, where dual agency is legal although it is called multiple representation, to the best of my knowledge.
a designated agency is one that represents both buyers’ and sellers’ interests. one agent, working for the broker or agency, represents the seller and designated agency refers to a situation where the buyer and the seller each have their own agent, but both of those agents work for the same duties under rela. the designated agent’s statutory duties include: performing according to the terms of the agency agreement whether it is, designated agent duties, designated agent duties, designated agency definition, designated agency disclosure, who does a designated agent represent? quizlet.
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