[Bk3] NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/


Dual agency occurs when the same brokerage represents both the seller and
the buyer under written agreements. Individual state laws vary and interpret
dual agency rather differently.

Many states no longer allow dual agency. Instead, *Transaction
Brokerage*(see above) provides the Buyer and Seller with a limited
form of
representation, but *without any fiduciary obligations* (see Florida law).
Buyers and sellers are generally advised to consult a licensed real estate
professional for a written definition of an individual state's laws of
agency, and many states require written Disclosures to be signed by all
parties outlining the duties and obligations.

   - If state law allows for the same agent to represent both the buyer
   and the seller in a single transaction, the brokerage/agent is typically
   considered to be a *Dual Agent*. Special laws/rules often apply to
   dual agents, especially in negotiating price.
   - In some states (notably Maryland), Dual Agency can be practiced in
   situations where the same brokerage (but not agent) represent both the buyer
   and the seller. If one agent from the brokerage has a home listed and
   another agent from that brokerage has a buyer-brokerage agreement with a
   buyer who wishes to buy the listed property, Dual Agency occurs by allowing
   each agent to be designated as "intra-company" agent. Only the broker
   himself is the Dual Agent.
   - Some states do allow a broker and one agent to represent both sides
   of the transaction as dual agents. In those situations, conflict of interest
   is more likely to occur.
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