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Who Does The Real Estate Agent
Represent?
THE CHOICE IS YOURS
Prescribed by the Missouri Real Estate Commission as of 9-1-97
This disclosure is to enable you, a
prospective buyer, seller, tenant or landlord of real estate, to make an informed choice
BEFORE working with a real estate agent. The sale or lease of real estate may involve one
or more real estate licensees. Since a licensee may be the agent of a buyer or tenant, or
a seller or landlord, or both, it is very important to understand whose interests are
represented by each agent.
Missouri laws require that if
you want representation, you must enter into a written agreement. This may or may not
require you to pay the agent. Agency agreements vary and you may also want to consider an
exclusive or nonexclusive type of relationship.
If you choose not to be
represented by an agent, the agent working with you is representing the other side of the
transaction.
Choices Available To You In Missouri
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Seller's or Landlord's Limited Agent
Duty to perform the terms of the written agreement made with the seller or landlord, to exercise reasonable skill and care for the seller or landlord, and to promote the interests of the seller or landlord with the utmost good faith, loyalty and fidelity in the sale, lease, or management of property.
Buyer's or Tenant's Limited Agent
Duty to perform the terms of the written agreement made with the buyer or tenant, to exercise reasonable skill and care for the buyer or tenant, and to promote the interests of the buyer or tenant with the utmost good faith, loyalty and fidelity in the sale, lease, or management of property.
Sub-Agent (Agent for the Agent)
Owes the same obligations and responsibilities as the Seller's or Landlord's Limited Agent, or Buyer's or Tenant's Limited Agent. Sellers or landlords, or buyers or tenants may authorize their agent to offer sub-agency to other firms.
With the written consent of all
parties, represents both the seller and the buyer or the landlord and the tenant.
A Disclosed Dual Agent may disclose any information to either party that the licensee
gains that is material to the transaction.
A dual agent may not disclose
information that is considered confidential, such as:
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Buyer/Tenant will pay more than the purchase price or lease rate
Seller/Landlord will accept less than the asking price or lease rate
Motivating factors for any person buying, selling, or leasing the property
Either party will agree to financing terms other than those offered
Terms of any prior offers or counter offers made by any party
Acts as your specific agent, whether you are a buyer or a tenant, or seller or landlord. When the broker makes this appointment, the other real estate licensees in the company do not represent you.
There are two exceptions with both resulting in dual agency:
The agent representing you as a buyer or tenant is also the agent who listed the property you may want to buy or lease.
The supervising broker of two designated agents become involved in the transaction.
Other Agency Relationships
Missouri law does not prohibit written agency agreements which provide for duties exceeding that of a limited agent described herein.
Real Estate licensees are required by law to provide the above form to prospective buyers, sellers, tenants and landlords in the State of Missouri.
The above information does not constitute a contract. If you want to be represented, you must sign an agency agreement.
Back to Seller's or Landlord's Limited Agent
Back to Buyer's or Tenant's
Limited Agent
Back to Sub-Agent (Agent for the Agent)
Back to Disclosed Dual Agent
Back to Designated Agent
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Real Estate Brokerage Relationships in Kansas
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