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In Florida, we are "presumed" to be transaction agents unless a single agency notice disclosure is provided. When I first started, we had to provide a disclosure that we were either transaction, SA, or had no agency relationship right from the start but, for some reason, this presumption was adopted. I'm not a fan because we get so many people from other states here but I also have to admit that trying to explain transaction agency confused people needlessly, too.
In Florida, we are "presumed" to be transaction agents unless a single agency notice disclosure is provided. When I first started, we had to provide a disclosure that we were either transaction, SA, or had no agency relationship right from the start but, for some reason, this presumption was adopted. I'm not a fan because we get so many people from other states here but I also have to admit that trying to explain transaction agency confused people needlessly, too.
I really don't like the designated art of "presumption" but I guess it is that way in other states to some degree.
I like our documentation here.
Ours is statutory and has to be the exact words as in our ORS. We have to give it at first contact. So any inquiry requires that we give it out. We don't require a signature, just have to give it to them. The first two pages don't go to the consumer, but the other 4 do.
(a) Authorized brokerage relationships.—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. A real estate licensee may not operate as a disclosed or nondisclosed dual agent. As used in this section, the term “dual agent” means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. This part does not prevent a licensee from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives consent as required by subparagraph (3)(c)2. before the change and the appropriate disclosure of duties as provided in this part is made to the buyer or seller. This part does not require a customer to enter into a brokerage relationship with any real estate licensee.
(b) Presumption of transaction brokerage.—It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.
The SC Real Estate License Law, in Section 40- 57-139 (A) (1) and (2), requires a real estate licensee to provide you this brochure and a meaningful explanation of agency relationships offered by the licensee’s Company. This must be done at the first practical opportunity when you and the licensee have substantive contact. Before you begin to work with a real estate licensee, it is important for you to know the difference between a broker-in-charge and associated licensees. The broker-in-charge is the person in charge of a real estate Company. Associated licensees may work only through a broker-in-charge. In other words, when you choose to work with any real estate licensee, your business relationship is legally with the Company and not with the associated licensee.
... Now You Are a Customer of the Company
South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as customers:
• Present all offers in a timely manner
• Account for money or other property received on your behalf
• Provide an explanation of the scope of services to be provided
• Be fair and honest and provide accurate information
• Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge Unless or until you enter into a written agreement with the Company for agency representation, you are considered a “Customer” of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.
... You Can Become a Client Clients receive more services than customers. If client status is offered by the real estate Company, you become a client by entering into a written agency agreement requiring the Company and its associated licensees to act as an agent on your behalf & promote your best interests. If you choose to become a client, you will be asked to confirm in your written representation agreement that you received this brochure in a timely manner.
A seller becomes a client of a real estate company by signing a formal listing agreement with the Company. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.
A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.
If you enter into a written agency agreement, as a Client, you can expect the real estate Company to provide the following client-level services: obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skill.
Client-level services also include advice, counsel and assistance in negotiations.
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