Client

vs.

Self

Represented

Duties of an agent.

Client or Self Represented? What's the difference?

Traditionally most buyers have assumed that they have had an agency relationship with REALTORS©, but that simply was not the case. The Law of Agency is not new, in fact our association requires that REALTORS disclose in writing our agency relationships. REALTORS© work within a legal idea called agency. An agent is legally obligated to look after the best interests of the person he or she is working for. The agent must be loyal to that person and will provide advice, not just basic information. A REALTOR© may be your agent if you have clearly established an agency relationship with that REALTOR©. But often you may assume such an obligation exists when it does not. REALTORS© believe it is important that the people they work with understand when an agency relationship exists and when it does not and to understand what it means. Below is a summary of the duties of an agent to his\her principal or client, and the duties of that same agent to 3rd parties.

Duties of an Agent

1. Good Faith requires that the agent place the interest of his principal above all else except the law. 2. Obedience is to follow all lawful instructions strictly 3. Competence is to exercise at least the standard level of reasonable diligence, skill and judgement. 4. Accounting is to properly manage all money and valuables received on behalf of the principal.

Duties

of

an

Agent

to

the

Self

Represented

(3rd

party)

1. Represent fairly the material facts of the property. 2. Be Fair and Ethical, a moral duty to both parties. 3. Care and Liability, provide complete and accurate information to 3rd parties. Agents can be liable for 3rd party damages.