Definitions of Real Estate Brokerage Relationships

Definitions Of Real Estate Brokerage Relationships

Seller's Agent: A seller's agent works solely on behalf of the seller and owes duties to the seller, which includes the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The seller is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker. A separate written listing agreement is required which sets forth the duties and obligations of the parties.

Buyer's Agent: A buyer's agent works solely on behalf of the buyer and owes duties to the buyer, which includes the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the buyer. The buyer is legally responsible for the actions of the agent while that agent is acting within the scope of the agency. The agent must disclose to potential sellers all adverse material facts concerning the buyer's financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the parties.

Transaction-Broker: A transaction-broker assists the buyer or seller or both through out a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. The parties to a transaction sale not legally responsible for the actions of a transaction-broker and a transaction-broker do not owe those parties the duties of an agent. However, a transaction-broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreement. A transaction-broker must also make the same disclosures as agents about adverse material facts concerning a property or a buyer's financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.
For purposes of these Definitions, Buyer also means "tenant" and seller also means ''landlord''.

Interviewing an agent: Many people thinking of selling their home feel it is wise to interview more than one agent. We agree! It is important that you feel confident in your representative's professional experience and be comfortable with their level of personal integrity and caring.
You should also consider interviewing agents to represent you on the purchasing side when you are planning on buying a new home. The best listing agent is not necessarily the best Buying Agent.
Eric Bishop is confident in his professional ability, personal dedication, and commitment to helping you purchase your home on your terms. I want you to feel confident during the buying process every step of the way! Others may tell you what you want to hear -- Eric will only tell you the truth. Below is an 'Interview Sheet' that can be used when you are interviewing agents.

Questions	Eric Bishop'sAnswers
How many years have you been selling real estate on a full time basis?	4 Years
How many homes have you closed on in the past 12 months?	19 as of March 2001.
How many homes have you closed on in the past month?
Do you have a computerized follow up system to keep track of your buyers?	Totally computerized - Notebook linked to my Handspring.
Do you offer Seller's insurance against future claims?	NO- I work for the buyer. I do not list.
What referral networks for out of area and out of state buyers do you belong to?	NAEBA and the Howard Britton Star Power network.
Do you have a team to help you handle the multitude of details associated with each real estate transaction?	I am currently able to handle all my clients with 100% personal service.
Do you have a list of references to call?	Yes!
Does your Buyer Agency agreement have an "easy exit" feature?	Yes!
Do you have a computerized follow up system to keep track of new properties on the market?	Totally computerized - Notebook linked to my Handspring
How much money can we expect to save using a buyer's agent?	My average savings, or seller concessions value, is 6%. Obviously to be an average some people pay more and some less. The LRAOR average for the area is 2%.
What if I want to by a For Sale By Owner?	Not a problem. I work often with FSBO sellers and closed three last year.
What price range do you usually work in?	No specific price range. I focus my expertise on the buying side of the transaction in all price ranges and types of real estate.