A written contract, called a listing agreement, creates an agency relationship between the Seller and the brokerage and establishes Seller representation.
When a real estate brokerage represents a Seller, it must do what is best for the Seller of a property.
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A REALTOR can assist a Buyer in one of two ways...
1) When a REALTOR represents a Buyer (or potential Buyer) they must do what is best for the Buyer. A written contract, called a Buyer Representative Agreement, creates this relationship and explains the services the brokerage will provide and what obligations, if any, a Buyer may have.
2) For Buyers who choose not to create a Buyer Representation Agreement, a REALTOR can provide Customer Service. Under this arrangement, the brokerage can provide many valuable services and must do so in a fair and honest manner.
A Code of Ethics requires REALTORS to disclose in writing the nature of the services they are providing.
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Occasionally a real estate brokerage will represent both the Buyer and the Seller. Under this arrangement, the brokerage must do what is best for both the Buyer and the Seller. The Buyer and the Seller must consent to this arrangement in writing.
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