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Real Estate Agency

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Real Estate Glossary

When you enter into a discussion with a real estate agent or consultant regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent or consultant in the transaction.

Here are the three types of Agency:

Seller Agency (Single Agency) also known as the listing agent

  • Agent will represent the best interests of the seller
     
  • Agent has a duty of honest and fair dealing and good faith
     
  • Agent must disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties.

Buyer Agency (Single Agency)* (see the benefits of Buyer Representation)

  • Agent will represent the best interests of the buyer
     
  • Agent has a duty of honest and fair dealing and good faith
     
  • Agent must disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties.

Transactional Broker is also known as Dual Agency

  • Agent represents both the buyer and the seller equally
     
  • Agents objective is to get a mutually satisfactory agreement among all parties
     
  • Agent gives all options to the buyer and the seller

 

You need to hire an agent or consultant to represent your best interests.

 
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Disclaimer. All information provided is deemed reliable but is not guaranteed and should be independently verified.  Properties subject to prior sale, or rental.  Homes are listed for sale by all of the southern california real estate companies. 

Realtor® -- is a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.  All members of The Red Wagon Team, are licensed real estate agents with the State of California and are members of the National Association of Realtors® and the local board of Realtors®.


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