level 9 chapter 2 single and dual agency Flashcards

level 9 chapter 2 single and dual agency Flashcards First Substantive Contact with Seller's and Landlord's Agents For an agent supporting a seller or landlord, first substantive contact would probably take the form

of:Discussing confidential, and potentially compromising,

information with the sellerDrawing up a contract to sell or lease First Substantive Contact with Buyer's and Tenant's AgentsFor an agent supporting a buyer or tenant, first substantive

contact would probably take the form of:Showing the buyer

or tenant a property singe agencySingle agency is an agency arrangement in which one agent represents one party in a real estate transaction; the party may be either a seller or a buyer. This is also known as exclusive agency, which makes sense! The agent is exclusively responsible for their client and their client only.Tenant's AgentA tenant's agent, also known as a tenant representative, is most similar to a buyer's agent. The tenant's agent is a single agent who has agreed to represent the tenant's interests in a real estate transaction (to rent, not buy, a property). The tenant is the principal/client of the tenant's agent, and the tenant's agent owes all fiduciary duties to the tenant.Implied Dual Agencyimplied agency relationship arises when a party assumes consent to the relationship based solely upon inferences formed by the actions, conduct, and words of either or both parties.Undisclosed Dual AgencyUndisclosed dual agency is the term for when both parties to a real estate transaction are unknowingly represented by the same broker. The practice of undisclosed agency is a violation of fiduciary duties to both parties in the transaction. In most states, undisclosed dual agency is illegal...Implied Dual Agency Leads to Undisclosed Agency First Substantive Contact with dual agency An agent may obtain advance informed consent in writing to operate as a dual agent during their first substantive contact with a client, even if that agent plans to operate as a single agent. This is often called advance consent to dual agency.Two Agents, Two Principalsone agent might represent a buyer, while a second agent represents a seller. But if both agents are sponsored by the same broker, then the principals are technically working with the same broker. That makes it an in-house transaction and an example of dual agency.

Landlord's AgentA landlord's agent is similar to a seller's agent. The landlord's agent is a single agent who has agreed to represent the landlord's interests in a real estate transaction (to lease, not sell, a property). The landlord is the principal/client of the landlord's agent, and the landlord's agent owes all fiduciary duties to the landlord.is dual agency legal in ga?(Dual agency is legal in Georgia.) If a client is a party to a dual agency relationship, that client MUST consent (in writing through formal, informed consent) to do so.Dual AgencyDual agency is an agency relationship wherein both the buyer and the seller are represented by the same broker in an in-house real estate transaction. It's kind of the opposite of single agency! In Georgia, dual agency is sometimes called divided agency.forms of dual agencyOne Agent, Two Principals/ Two Agents, Two Principals Designated AgencyDesignated agency is an agency arrangement wherein both parties to the transaction are represented by their own agent, but both agents are employed by the same brokerage. By necessity, each client enjoys an agency relationship exclusively with the named agent within the brokerage.So, a designated sales agent is a license holder (appointed by their broker) who represents the interests of one of the two parties in an in-house real estate transaction.Dual Agency: What NOT to DiscloseThe other party's willingness to pay more or take less for a propertyThe other party's motivations to buy or sell a propertyThe other party's willingness to accept different terms than appear in the offerThe financial condition of the other party One Agent, Two PrincipalsIn some cases of dual agency, one agent might represent both principals involved in a transaction. This is the simplest form of dual agency.Single Agency Co-OpSingle agency co-op means that a brokerage ONLY deals with single agency relationships (one agent representing one client, buyer, or seller), but they serve both sellers and landlords, buyers and tenants.Responsibilities for a seller's agentLocating a suitable buyer for the sellerNegotiating the best possible offer for the sellerPreparing the seller for closing Responsibilities for a buyer's agentLocating a suitable property for the buyerNegotiating the best possible offer for the buyerPreparing the buyer for closing