Transaction broker agency relationship8/30/2023 The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. Buyer's representative (also known as a buyer’s agent).It is important that subagents fully explain their duties to buyers. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer-customer can expect to be treated honestly by the subagent. In such a case, the subagent works with the buyer as a customer but owes fiduciary duties to the listing broker and the seller. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer’s representative or operating in a nonagency relationship, shows property to a buyer. A subagent owes the same fiduciary duties to the agent's principal as the agent does. The agency relationship usually is created by a listing contract. All fiduciary duties are owed to the seller. A seller's agent is hired by and represents the seller. Seller's representative (also known as a listing agent or seller's agent). Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions.
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