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Architecture Guide
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Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |  |  | |
|  Understanding Agency, Introduction Component 1: Facilitator Talking Points Component 2: Agenda Component 3: Handout 1, How is an Agency Relationship Created? Component 4: Activity 1, Does This Make You an Agent Quiz Component 5: Activity 1, Answer Sheet for Agent Quiz Component 6: Handout 2, The Fiduciary Duties of an Agent Component 7: Handout 3, Types of Agency Brokerage Relationships with Consumers Component 8: Creating a Company Policy on Agency Component 9: Activity 2, What Sellers’ Subagents Can and Can't Do for Buyers Explanation Sheet Component 10: Activity 3, Scenarios for Recognizing Breaches in Fiduciary Duties Component 11: Activity 3a: Explanations of Scenarios on Fiduciary Duties Component 12: Other Resources | Understanding Agency Relationships: Creating a Company Policy on Agency If your company doesn't have a written agency policy, use the following guide to help you develop one well before the sales meeting. You might also want to let your sales associates discuss what types of agency relationships they would prefer the company to offer. In formulating an agency policy for your company: 1. Review the types of agency relationships permitted in your state, and evaluate the pros and cons of each. Among those to consider are: Exclusive Seller Representation. Representing only sellers, not buyers. Salespeople who work with buyers do so as subagents of the seller.
Exclusive Buyer Representation. Representing only buyers, not sellers. The company does no listing, and licensees do not act as subagents of a seller.
Seller and Buyer Representation, with Disclosed Dual Agency for In-house Sales. Representing both buyers and sellers. If a buyer client is interested in a property listed with the company, then the parties are asked to consent to a dual-agency relationship. This means one or more of the company’s sales associates will represent both parties, with full disclosure to all.
Single Representation. Representing both buyers and sellers, but not both in the same transaction.
2. Determine what policy is best for your company. Consider:
3. Put your agency policy in writing, and implement training for all sales associates. 4. Determine when and how exceptions to the policy will be handled. 5. Always uphold the policy. Component 9: What Sellers' Subagents Can, Can't Do for Buyers Explanation Sheet This information provides general legal information and should not be relied upon as legal guidance. Before acting, both the relevant laws and legal counsel should be consulted. This information should not be construed as specific legal advice nor as an opinion on particular facts, cases, or situations. |