Just to clarify, we cannot accept any duty that is beyond the scope of our limited confidentiality or beyond the scope of our license. Perform any duties that are mutually agreed to with the party.In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. One great example to clarify this, if the buyer offers less than they are willing to pay for the home we cannot tell the seller that the buyer is willing to pay more than they are offering. (l) Transaction broker means a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. The main thing to know about this is that we cannot tell the buyer any information about the seller and we cannot tell the seller anything about the buyer that may put either party in jeopardy during the transaction. The duties of the real estate licensee in this limited form of representation include the following. Unless a party has notified their agent in writing to anything otherwise, All offers, verbal or written are to be presented in a timely manner. Transaction Broker: A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The buyer or seller is a customer of the agent and has given up his or her right to. Present All offers and counter offers in a Timely manner. As a transaction broker, the agent provides limited representation.We rely solely on what the home owner tells us. A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. Keep in mind that your agent and Broker are not legally required to discover defects of the home. IF the Broker or Licensee know any material fact, even if the seller is refusing to disclose, the Broker and Agent MUST disclose the fact to the public. This includes proposed changes to vacant land near the home, zoning changes, soil settlement etc. The person selling the home is legally required to disclose any defect of material fact that can affect the value of the home. Disclose All Know Facts that Materially Affect the Value of Residential Property that is Not Readily Visible to the buyer. A real estate agent, referred to often as a real estate broker, is a person who represents sellers or buyers of real estate or real property.While a broker may work independently, an agent usually works under a licensed broker to represent clients.Your Transaction Broker and agent are required to facilitate your transaction with the highest level of professionalism and act legally and ethically. Use Skill, Care and Diligence in the Transaction.Transaction Brokers and all Brokers and Licensees are required to follow the law regarding escrow deposits and commissions. Customers are entitled to rely on any material statement related to the transaction by the licensee. A Broker with a NON fiduciary responsibility to the customer and therefore can assist both the seller and buyer on a real estate transaction.
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