The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997. The following summary describes a seller's agent, a buyer's agent, and a transaction broker. Show SELLER'S AGENT The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER The transaction broker is responsible for performing the following duties:
The transaction broker protects the confidences of both parties. If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:
If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party at an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:
The transaction broker has no duty to:
STATEMENT OF REPRESENTATION Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts. BRRETAWhat is a single agency relationship?The real estate term "single agency" means that a broker or agent will represent the interests of either the seller or the buyer. They may act as either the listing agent or the buyer's agent, but not both. The agent will sit on only one side of the transaction.
What is the difference between a single agent and a transaction broker?A single agent is a broker who represents either the buyer or the seller, but not both in the same transaction. While a transaction broker provides a limited form of representation to a buyer, seller, or both during a transaction, but does not represent either in a fiduciary capacity.
What does single agent mean?A Single Agent is defined by Florida Statutes Chapter 475, Part I as a broker who represents either the buyer or seller of real estate, but not both in the same transaction. It is the highest form, providing the most confidence to the customer that the Realtor represents only the customer's interest.
What is a single agent quizlet?What is a single agent? A broker who represents as a fiduciary, either the buyer or seller, but not both in the same transaction.
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