I'm a REALTOR®, a member of the Canadian Real Estate Association and I subscribe to a Code of Ethics and Standards of Business Practice which may be found on www.crea.ca. The CREA Code of Ethics safeguards the rights of consumers of real estate services. One Article requires REALTORS® to disclose which party they represent in Agency.
Article 2: Disclosure of Role - Agency, A REALTOR® shall fully disclose in writing to, and is advised to seek written acknowledgement from, his or her Clients and those Customers who are not represented by other Registrants regarding the role and nature of the service the REALTOR® will be providing. This disclosure shall be made at the earliest possible opportunity and in any event prior to the REALTOR® providing professional services which go beyond providing information as a result of incidental contact by a consumer.
In New Brunswick, "Agent" means a person who trades in real estate and "Salesman" means a person employed, appointed or authorized by an Agent to trade in real estate. Real Estate Agents as well as their Managers and Salespersons must be licensed. If you use the services of an Agent in buying or selling real estate, it's important that you understand who the Agent represents. Is the Agent representing the seller or the buyer or both? Are you a client of the agency or are you just a customer?
The difference between merely receiving information from an Agency and being represented by an Agency is the difference between a customer and a client. An unrepresented customer is a person who has not engaged or employed an Agent in an agency capacity. A client (principal) is a person who has engaged or employed an Agent to act as the principal's agent. The Agent and every employee and licensee of the Agent owes the client the fiduciary duties of undivided loyalty, full disclosure, lawful obedience, confidentiality, accounting and reasonable care.
SINGLE AGENCY (undivided loyalty)
A buyer’s agent represents the buyer, often in a Buyer Agency Agreement. All fiduciary duties of an Agent apply.
A seller’s agent represents the seller, either as an agent under a Listing Agreement with the seller or by cooperating with the Seller's Agent as a sub-agent. All fiduciary duties of an Agent apply.
DUAL AGENCY (conflict of interest)
- Dual agency occurs when the same Agency is representing both seller and buyer in the same real estate transaction. Since the Agency promised confidentiality, loyalty, and full disclosure to both parties, it becomes necessary to limit these duties, if both parties provide informed consent in writing. As a buyer or a seller in a single agency relationship if you find yourself asked to become involved in a dual agency relationship, you have the right to say "No" to limited representation.
I Disclose that I represent buyer clients as well as seller clients in SINGLE AGENCY.
As my client you have the right to my undivided loyalty and I will encourage you to say "no to DUAL AGENCY".
Acknowledgement - This form does not create an agency relationship. Its purpose is to ensure that my clients and unrepresented customers understand the role and nature of the service I will be providing, and to acknowledge that disclosure of my role has occurred. I/We, _______________________________________________________________ have read and understand this form and acknowledge that Larry Estabrooks, Licensed Independent Agent & REALTOR®, disclosed he is representing (select one or the other - NOT BOTH):
| o The Seller - As Seller's Agent | o The Buyer - as Buyer's Agent |
| Signature: | Date: | Signature: | Date: |
| Signature: | Date: |
Signature: | Date: |
COPYRIGHT - 2011 - LARRY ESTABROOKS - Licensed Independent Agent