Best answer: What if your realtor is also the listing agent?

In your situation, your real estate agent is the listing agent and is also your buyer’s agent. In this case, your agent is considered to be a dual agent; and because an agent can’t hold a fiduciary duty to you and the seller in the same transaction, your agent’s role in the transaction is diminished.

Is it a bad idea to use the same Realtor as the seller?

When working with a seller’s agent can go wrong for a buyer

The biggest issue with dual agency is that having the same person represent both sides can be seen as an ethical dilemma. “If a listing agent has already established a relationship with the seller, they may want to settle with a higher price,” says Minkiewicz.

What does it mean when a Realtor is a dual agent?

Dual agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is much more common to have separate agents represent each party, as this helps avoid the conflict of interest that can happen when an agent negotiates for both sides.

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Is it bad to have a dual agent in real estate?

Some real estate professionals and consumer advocates say you should never consider dual agency. They question whether a dual agent can truly be neutral when facilitating a transaction where they represent both the buyer and the seller.

Is dual agent a good idea?

The bottom line is that dual agency is certainly a good thing for the agent but is typically a negative scenario for both the buyer and seller, as neither party is getting fair representation. This is an especially negative arrangement for inexperienced buyers and sellers who really need professional guidance.

Can a realtor talk to another Realtors client?

While it is unethical for a REALTOR to speak to another agent’s client, there is nothing wrong with a buyer and seller communicating directly. They are not held to the same ethical standards. It is completely ok for a buyer and seller to directly speak to each other.

Can buyer and seller use the same Realtor?

Legally speaking, a dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.

Which statement is false regarding dual agency?

Which one of the following is FALSE regarding dual agency? Dual agency does not require written disclosure as long as the agent verbally explains the nature of the relationship to the parties. Any agency relationship, whether single agency or dual agency, requires a written disclosure of the agency relationships.

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What is an example of an involuntary termination of an agency relationship?

Involuntary termination of the relationship may create legal and financial liability for a party who defaults or cancels. For example, a client may renounce an agreement but then be held liable for the agent’s expenses or commission.

What is the difference between single agency and dual agency?

In real estate, the term “single agency” indicates that a broker or agent will represent the interests of either the seller or the buyer—as either the listing agent or the buyer’s agent. … A dual agency exists when a broker or agent represents both the buyer and the seller of a property.

What is the difference between selling agent and listing agent?

Although the names sound similar, a selling agent is vastly different from a seller’s agent. While a listing agent takes care of selling the property, a selling broker represents the interest of the buyer. … This type of real estate agent learns about what buyers are looking for and then help match them with properties.

What happens if dual agency is undisclosed?

If the dual agency is neither disclosed to nor approved by both parties to the transaction, undisclosed dual agent cannot recover any compensation, and a principal can rescind the transaction. Unintended dual agency can occur whether one or two brokers are involved.

Is undisclosed dual agency illegal?

Undisclosed Dual Agency

It is illegal to represent someone as a dual agent without disclosing this. Both the buyer and the seller must be aware, and consent to it.

Is dual agency ethical?

Is dual agency ethical? Dual agency is illegal in every fiduciary profession other than real estate (state laws allowing) because of the risks it creates. Therefore many folks outside and within the real estate industry view it as unethical.

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Is it better to work with the listing agent?

Many buyers think they will get a better deal on a home if they work directly with the listing agent. … He or she actually works against a buyer’s best interests. Working with the listing agent could easily cost you money. A buyer’s agent is a realtor dedicated to the interests of you, the buyer.

Can a dual agent suggest an offer price?

The biggest problem with dual agency is this: a dual agent cannot — by definition and sometimes by state law — represent your best interests. The person is more of a referee than an agent. For example: if you’re a buyer, you may want your agent to advise you on what price to offer for a home.