|
Transactional Agent
Choosing this option allows consumers to recieve the benefit of the
agents experience, sales agreements and guidence at a reduced
commission rate.
A transaction licensee is a
broker or salesperson who provides communication or document
preparation services or performs other acts for which a license is
required WITHOUT being the agent or advocate for either the
seller/landlord or the buyer/tenant. Upon signing a written agreement
or disclosure statement, a transaction licensee has the additional duty
of limited confidentiality in that the following information may not be
disclosed:
- The seller/landlord will accept a price less than the asking/list price.
- The buyer/tenant will pay a price greater than the price submitted in a written offer.
- The seller/landlord or buyer/tenant will agree to financing terms other than those offered.
Other information deemed confidential by the consumer shall not be provided to the transaction licensee.
The agent would also be obligated to do the basics:
- Exercise reasonable professional skill and care which meets the practice standards required by the Act.
- Deal honestly and in good faith.
- Present, in a timely manner, all offers, counteroffers, notices,
and communications to and from the parties in writing. The duty to
present written offers and counteroffers may be waived if the waiver is
in writing.
- Comply with Real Estate Seller Disclosure Act.
- Account for escrow and deposit funds.
- Disclose all conflicts of interest in a timely manner.
- Provide assistance with document preparation and advise the
consumer regarding compliance with laws pertaining to real estate
transactions.
- Advise the consumer to seek expert advice on matters about the transaction that are beyond the licensee's expertise.
- Keep the consumer informed about the transaction and the tasks to be completed.
- Disclose financial interest in service, such as financial, title
transfer and preparation services, insurance, construction, repair or
inspection, at the time service is recommended or the first time the
licensee learns that the service will be used.
|
|