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What is Real Estate Agency

How it affects you!

The Broker's duties to you as a Buyer, Seller, Client or Customer in a Real Estate Transaction are important.

Agency Relationships in a Real Estate Transaction

What is "agency relationship" in a real estate transaction?

Agency relationship refers to the relationship between a Real Estate Brokerage Firm and the Consumer. A consumer is either a Client (agency relationship) or Customer (non-agency relationship) of the Brokerage Firm.

Why was this established?

Agency Relationship protects the Consumer as well as Real Estate Brokers. Misinterpretation and misunderstanding of each parties role inevitably lead to Agency Polices being established.

It basically Clarifies by Contractual Obligations the Duties of all parties in a Real Estate Service Agreement. A contractual obligation is not required to show Agency Relationship. An agency relationship may be implied as through acts of the broker's agent, consumer or both.

However, One becomes a client through contractual obligation.

Georgia License Law requires brokers' consummate a written agreement with a consumer as early in a Real Estate Relationship as possible.

What are the different types of Agency Relationships

Brokerage Relationships in a Real Estate Transactions to Consumers.

  1. Seller Agency
  2. Listing Agreements establish client relationship with the Broker.

  3. Buyer Agency
  4. Buyer Brokerage Agreement establish client relationship with the Broker.

  5. Landlords Agency
  6. Similar to Seller Agency above

  7. Tenants Agency
  8. Similar to Buyer Agency Above

Internal Brokerage Agency

Brokers must to establish, publish and train their agents on Company Policies.

  1. Dual Agency
  2. Dual Agency exists when a Broker Represents both the Buyer and Seller as a client. This type of agency must also be disclosed to the Seller and Buyer in writing.

  3. Designated Agency
  4. Designated Agency exists when a broker assigns two agent from the same Brokerage Firm to a single Real Estate Transaction.

    The premise of this type of Agency is that a single agent is not likely to represent the interest of both buyer and seller simultaneously

    Therefore, the Broker will appoint another agent from his or her firm to represent the other party in the transaction.

    This type of agency must also be disclosed to the Seller and Buyer in writing.

  5. Sub Agency
  6. Sub Agency is when a Seller's Agent and, supposedly the Buyer's Agent, work with the seller to consummate a Contract. This basically leaves the Buyer out of the picture. You can see for obvious reasons why we do not practice this type of agency.

Have questions or concerns regarding my plans. Simply give me a call to discuss.

CALL ME at 678-617-7167 to discuss your Real Estate needs. We handle Real Estate Investments, Residential Real Estate, Commercial Development, Commercial Sales and Leasing, REO Properties, Short Sales and Atlanta Foreclosures.

Mark Tidwell Cell: 678.617.7167 Office: Linc Realty of Atlanta 678.394.3200