Real Estate Relationship
| Consumer Information
Statement on Real Estate Relationships In New
Jersey |
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In New Jersey, real estate licensees are required to
disclose how they intend to work with buyers and sellers
in a real estate transaction. (In rental transactions
the terms "buyers" and "sellers" should be read as
"tenants" and "landlords," respectively.)
AS A SELLER'S AGENT OR SUBAGENT, I, AS A LICENSEE,
REPRESENT THE SELLER AND ALL MATERIAL INFORMATION
SUPPLIED TO ME BY
THE BUYER WILL BE TOLD TO THE SELLER.
AS A BUYER'S AGENT, I, AS A LICENSEE, REPRESENT THE
BUYER AND ALL MATERIAL INFORMATION SUPPLIED TO ME BY THE
SELLER WILL
BE TOLD TO THE BUYER.
AS A DISCLOSED DUAL AGENT, I, AS A LICENSEE, REPRESENT
BOTH PARTIES. HOWEVER, I MAY NOT, WITHOUT EXPRESS
PERMISSION, DISCLOSE THAT THE SELLER WILL ACCEPT A PRICE
LESS THAN THE LISTING PRICE OR THAT THE BUYER WILL PAY A
PRICE GREATER THAN THE OFFERED PRICE.
AS A TRANSACTON BROKER, I, AS A LICENSEE, DO NOT
REPRESENT EITHER THE BUYER OR THE SELLER. ALL
INFORMATION I ACQUIRE
FROM ONE PARTY MAY BE TOLD TO THE OTHER PARTY.
Before you disclose confidential information to a
real estate licensee regarding a real estate
transaction, you should understand what type of business
relationship you have with that licensee.
There are four business relationships; (1) seller's
agent; (2) buyer's agent; (3) disclosed dual agent; and
(4) transaction broker. Each of these relationships
imposes certain legal duties and responsibilities on the
licensee as well as on the seller or buyer represented.
These four relationships
are defined in greater detail below. Please read
carefully before making your choice.
SELLER'S AGENT
A seller's agent WORKS ONLY FOR THE SELLER and has legal
obligations, called fiduciary duties to the seller.
These include reasonable care, undivided loyalty,
confidentiality and full disclosure. Seller's agents
often work with buyers, but do not represent the buyers.
However, in working with buyers a seller's agent must
act honestly. In dealing with both parties, a seller's
agent may not make any misrepresentation to either party
on matters material to the transaction, such as the
buyer's financial ability to pay, and must disclose
defects of a material nature affecting the physical
condition of the property which a reasonable inspection
by the licensee would disclose.
Seller's agents include all persons licensed with a
brokerage firm which has been authorized through a
listing agreement to work as the seller's agent.
In addition, other brokerage firms may accept an offer
to work with the listing broker's firm as the seller's
agents. In such cases, those firms and all persons
licensed with such firms, are called "subagents".
Sellers who do not desire to have their property
marketed through subagents should so
inform the seller's agent.
BUYER'S AGENT
A buyer's agent WORKS ONLY FOR THE BUYER. A buyer's
agent has fiduciary duties to the buyer which include
reasonable care, undivided loyalty, confidentiality and
full disclosure. However, in dealing with sellers a
buyer's agent must act honestly. In dealing with both
parties, a buyer's agent may not make any
misrepresentations on matters material to the
transaction, such as the buyer's financial ability to
pay, and must disclose defects of a material nature
affecting the physical condition to the property which a
reasonable inspection by the licensee would disclose. A
buyer wishing to be represented by a buyer's agent is
advised to enter into a separate written buyer agency
contract with the brokerage firm which is to work as
their agent.
DISCLOSED DUAL AGENT
A disclosed dual agent WORKS FOR BOTH THE BUYER AND THE
SELLER. To work as a dual agent a firm must first obtain
the informed written consent of the buyer and the
seller. Therefore, before acting as a disclosed dual
agent, brokerage firms must make written disclosure to
both parties. Disclosed dual agency is most likely to
occur when a licensee with a real estate firm working as
a buyer's agent shows the buyer properties owned by
sellers for whom that firm is also working as a seller's
agent or subagent.
A real estate licensee working as a disclosed dual
agent must carefully explain to each party that, in
addition to working as their agent, their firm will
also work as the agent for the other party. They must
also explain what affect their working as a disclosed
dual agent will have on the fiduciary duties their firm
owes to the buyer and to the seller. When working as a
disclosed dual agent, a brokerage firm must have the
express permission of a party prior to disclosing
confidential information to the other party. Such
information includes the highest price a buyer can
afford to pay and the lowest price a seller will accept
and the parties' motivation to buy or sell. Remember, a
brokerage firm acting as a disclosed dual agent will not
be able to put one party's interests ahead of those of
the other party and cannot advise or counsel either
party on how to gain an advantage at the expense of the
other party on the basis of confidential information
obtained from or about the other party. If you decide to
enter into an agency relationship with a firm, which is
to work as disclosed dual agent, you are advised to sign
a written agreement with that firm.
TRANSACTION BROKER
The New Jersey Real Estate Licensing Law does not
require licensees to work in the capacity of an "agent"
when providing brokerage services. A transaction broker
works with a buyer or a seller or both in the sales
transaction without representing anyone. A TRANSACTION
BROKER DOES NOT PROMOTE THE INTERESTS OF ONE PARTY OVER
THOSE OF THE OTHER PARTY TO THE TRANSACTION. Licensees
with such a firm would be required to treat all parties
honestly and to act in a competent manner, but they
would not be required to keep confidential information.
A transaction broker can locate qualified buyers for a
seller or suitable properties for a buyer. They can then
work with both parties in an effort to arrive at an
agreement on the sale or rental of real estate and
perform tasks to facilitate the closing of a
transaction. A transaction broker primarily serves as a
manager of the transaction, communicating information
between the parties to assist them in arriving at a
mutually acceptable agreement and in closing the
transaction, but cannot advise or counsel either party
on how to gain an advantage at the expense of the other
party. Owners considering working with transaction
brokers are advised to sign a written agreement with
that firm which clearly states what services that firm
will perform and how it will be paid. In addition, any
transaction brokerage agreement with a seller or
landlord should specifically state whether a notice on
the property to be
rented or sold will or will not be circulated in any or
all Multiple Listing System(s) of which that firm is a
member.
YOU MAY OBTAIN LEGAL ADVICE ABOUT THESE BUSINESS
RELATIONSHIPS FROM YOUR OWN LAWYER. THIS STATEMENT IS
NOT A
CONTRACT AND IS PROVIDED FOR INFORMATIONAL PURPOSES
ONLY.
The data relating to real estate for sale on our
website comes in part from the Broker Reciprocity
program of the Cape May County Multiple Listing Service
through a licensing agreement. Real Estate listings held
by brokerage firms other than our company includes the
names of the listing agency.
This website displays data that has been downloaded from
various sources that we believe to be reliable. However,
the possibility of typographical errors does exist and
errors should be expected. Please verify all information
with the appropriate real estate professional before
making any decision based on the information contained
herein.
Some properties which appear for sale on this website
may subsequently have sold and may no longer be
available. The information being provided is for
consumers' personal, non-commercial use and may not be
used for any purpose other than to identify prospective
properties consumers may be interested in purchasing.
Disclaimer: All information deemed reliable but not
guaranteed and should be independently verified. All
properties are subject to change, withdrawal,
or prior sale.
Copyright© 2008 Barbara Roff, CRS Avalon Real Estate
Agency. An Equal Opportunity Company. Equal Housing
Opportunity. All rights reserved.
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