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SELLER'S AGENT
A seller's agent (or listing agent) works solely on
behalf of the seller to promote the interests of the
seller with the utmost good faith, loyalty and fidelity.
The agent negotiates on behalf of and acts as an
advocate for the seller. The seller’s agent must
disclose to potential buyers all adverse material facts
actually known by the seller’s agent about the property.
A separate written listing agreement is required which
sets forth the duties and obligations of the broker and
the seller.
BUYER'S AGENT
A buyer's agent works solely on behalf of the buyer to promote the
interests of the buyer with the utmost good faith,
loyalty and fidelity. The agent negotiates on behalf of
and acts as an advocate for the buyer. The buyer’s agent
must disclose to potential sellers all adverse material
facts actually known by the buyer’s agent including the
buyer's financial ability to perform the terms of the
transaction and if a residential property, whether the
buyer intends to occupy the property. A separate written
buyer agency agreement is required which sets forth the
duties and obligations of the broker and the buyer.
TRANSACTION - BROKER
A transaction-broker assists the buyer or seller or both
throughout a real estate transaction by performing terms
of any written or oral agreement, fully informing the
parties, presenting all offers and assisting the parties
with any contracts, including the closing of the
transaction without being an agent or advocate for any
of the parties. A transaction-broker must use reasonable
skill and care in the performance of any oral or written
agreement, and must make the same disclosures as agents
about all adverse material facts actually known by the
transaction-broker concerning a property or a buyer's
financial ability to perform the terms of a transaction
and if a residential property, whether the buyer intends
to occupy the property. No written agreement is
required.
CUSTOMER
A customer is a party to a real estate transaction with whom the broker
has no brokerage relationship because such party has not
engaged or employed the broker, either as the party's
agent or as the party's transaction-broker.
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