What is the Agent or Broker relationship?

For Sellers...

When you sign a listing agreement with a real estate broker, that broker and the broker's agents will be representing you throughout the sale of your property. When your property is listed, it is placed on the Multiple Listing Service (MLS) and this constitutes an offer to other real estate brokers to share in a commission if they produce a buyer for your property may agree to represent you, as a seller, or the buyer. If the broker is representing the buyer, you or your listing broker must be notified of this before any showings of your property or any negotiations towards a purchase agreement. If you have any doubt as to whether or not a real estate broker represents you or a buyer in the transaction, please do no hesitate to ask.

Sometimes the broker who lists your property for sale may also be the broker who locates a buyer for your property. Because the broker, by listing your property, has agreed to represent you, the broker cannot also represent the buyer unless both you and the buyer agree. When a real estate broker represents both the buyer and the seller a dual agency is created. The dual agency occurs when one of the broker's agents is representing the buyer and another of the broker's agents is representing the seller. It can also occur when the listing agent for the broker also is representing the buyer. A dual agency is disclosed and, after disclosure, you and the buyer agree to the dual agency.

For Buyers...

If you are a buyer, the brokerage industry provides you with a choice of whether you want representation by a broker or not. If a broker is representing you, the agent and his or her broker is called a "buyer's broker" or "buyer's agent". If the agent who is finding you a home does not represent you, that agent is called a "seller's agent" or a "sub-agent".

Some brokers represent only sellers. Some brokers represent only buyers. Some will represent either a buyer or a seller depending on the particular property and other circumstances. Regardless of which type of representation you choose, all brokers are required to be honest, ethical and knowledgeable. All brokers are required to disclose to you any material facts of which they are aware pertaining to the property.

Generally, if you employ a buyer's broker, you will be asked to sign an agreement which will obligate you to work exclusively with the one broker for a stated period of time. The amount of the commission and the method of payment is negotiated between you and your broker. Quiet often, the buyer's broker will offer the option of being compensated by sharing in the commission paid by the seller. The agreement can also require that you pay the buyer's broker a commission. The agreement can also require you to pay the buyer's broker a retainer.

Dual agency is created when a broker represents both the buyer and the seller. Dual agency can be created in one of two ways:

• the agent representing the buyer also represents the seller.

• or, the agent representing the buyer is licensed with the same broker as the agent who represents the seller. In both of these situations, the same broker represents the buyer and the seller and a dual agency is created.

Dual agency poses potential conflicts of interest for the broker and, therefore, it is permitted only if both you and the seller agree, after disclosure, to the dual agency.

How long should it take for us to find the right home for us?

Because the Realtor's job is to consider your needs and match them with the best house, you may be surprised to discover that you find your next home the very first day that you look.

• What are my advantages in buying a home?

• What am I supposed to do at the showings?

Make a list of everything that you like and don't like as you go through each home. Then, as you travel to the next house, you can review this information with the Realtor.

There are many benefits such as pride of ownership, and increased sense of security, the ability to make improvements of your choice, and not least of all, tax benefits.

What specific things should I look for in a home?


Look for features that you really would enjoy. Try to picture in your imagination your family and your furniture in the home.

• Should I work with many Realtors at the same time?

• What questions should I ask about schools?

You would want to know how the state ranks the school(s), test scores, sports programs, gifted and special programs. You may even arrange to visit potential schools.

Because all Realtors have access to MLS and all of the available listings, one Realtor with whom you feel comfortable will save you time, and you won't need to be re-qualified each time you work with a new Realtor.

Is it possible for us to find our dream home?

Yes, however, no house is perfect in every way. There will always be something that is not exactly right or in accordance with criteria. A home has a multitude of advantages and features. If you are able to get approximately 90% of those features in a specific house, this may be the one for you.

How should we prepare for the first meeting with our Realtor?

Decide what features you have in your present home that you would like in your next home. You should also decide what additional features you would find appealing.

I'm transferring to a new city. What do I do differently in this case?

As a transferee, you should try to get a feel for the entire city and the neighborhoods. This will help you find an area where you think you would be the most comfortable, before you begin to look at specific houses.