Field Guide to Agency Disclosure
(Updated September 2007)
Managing risk is a necessity for REALTORS®. According to Barron's Dictionary of Real Estate Terms, agency disclosure "is a written explanation, to be signed by a prospective buyer or seller, explaining to the client the role that the broker plays in the transaction." (Barron's Educational Series, 2000) This Field Guide covers various aspects of agency disclosure, including policies, forms, and legislation. Further your knowledge of this complex topic with our selection of articles, books, and audiotapes found below. (V. Chawla, Information Specialist)
Contents:
What Is Agency Disclosure? | Agency Legal Cases | Current Issues & Trends | Books, eBooks & Other Resources
Agent Representation Disclosure Statistics: Disclosure Statements Signed?
Yes, at first meeting 30%
Yes, when contract written 25%
Yes, at some other time 8%
No 20%
Don't know / Not sure 16%
Source: The 2007 National Association of REALTORS® Profile of Homebuyers and Sellers
Key Disclosure Issues
Disclosure must be timely.
Disclosure must be clear.
Disclosure must be made to all parties.
Source: RMO Toolkit: Key disclosure issues to remember, (REALTOR® Magazine Online).
What is Agency Disclosure? 
NAR's 2007 Legal Scan, (National Association of REALTORS®).
Agency/Brokerage Relationships with Customers, (National Association of REALTORS®, Mar. 1, 2007).
Key disclosure issues to remember, (REALTOR® Magazine Online).
Disclosure name of the game in buying, (Realty Times, Feb. 14, 2005).
What is agency disclosure and why do I have to sign?, (Ashland Board of REALTORS®, Dec. 2003).
Real Estate Agency Disclosure Laws: Disclosure Table, (About.com).
Agency policy... defining the solutions, (Minnesota REALTOR®, Dec. 1994).
Agency Legal Cases
Lawsuit: Agents Fail to Disclose Representation, (Realty Times, Mar. 20, 2006).
Broker Cannot Collect Undisclosed "Consulting Fee" (2003), (National Association of REALTORS®, Letter of the Law).
Wyoming Court Finds No Implied Agency (1995), (National Association of REALTORS®, Letter of the Law).
Edina Realty Settles Federal Class Action Suit Alleging Dual Agency Violations (1993), (National Association of REALTORS®, Letter of the Law).
Virginia Court Addresses Undisclosed Dual Agency (1966), (National Association of REALTORS®, Letter of the Law).
Conflict May Arise When Agency Represents Buyer as well as Seller, (Columbus Business First, Nov. 3, 2006).
Agent Disclosure Worse Than Ever, (Realty Times, Jan. 24, 2006).
Realty Reality: Disclosure of Agent's Interest in Transaction, (Realty Times, Dec. 30, 2005).
The Importance of Disclosure, (Realty Times, June 2, 2005).
Agent Disclosures, (Realty Times, May 26, 2005).
Realty Reality: Additional Disclosure Document Adopted, (Realty Times, Feb. 16, 2005).
Buyer's Representatives Had Duty to Inform Buyers of Seller's Required Disclosures, (Today's Buyers Rep, Nov. 2003).
Undisclosed Dual Agent Case Settled, (Today's Buyers Rep, Nov. 2002).
Why some dual agents delay disclosing their agency status, (Realty Times, July 31, 2002).
eBooks & Other Resources
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Real Estate Brokerage Essentials: Managing Legal and Business Issues - 3rd Edition , (National Association of REALTORS®, 2006).
Agency: a realistic perspective, (Real Estate Educators Association Journal, Apr. 2002).
Agency disclosure to customers- a new twist, (Wisconsin REALTOR®, Mar. 2002).
Agency status and disclosure, (Real Estate Review, Spring 1999).
Case of missing disclosure: what you don't know can hurt you, (Today's Buyer Rep, June 1999).
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Buyer Brokerage
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