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Disclaimer: The data relating
to real estate for sale on this web site comes in part from the Internet Data
Exchange program of the RANW MLS. Real Estate listings held by brokerage firms
other than H. Strobl Realty, Inc. include the name of the listing broker. Only
listings of Brokers participating in IDX are included. 2002 REALTORS®
Association of Northeast Wisconsin Multiple Listing Service. All Rights
Reserved.
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Are you a Customer or a Client?
Know the difference!
Are you a Customer
or a Client?
When you choose to work
with a real estate licensee, he or she may or may not be "your" agent.
An agent owes certain duties to a client but has a different obligation to a
customer. You must know whether you are a customer or a client in a real estate
transaction, and it is your decision as to how you will work with the licensee.
You
should discuss the following information with the real estate licensee with whom
you are working in order to make an informed decision.
Who is a
customer?
A customer is a person
who seeks to purchase real estate, but who has NOT established an agency
relationship and is NOT represented by an agent.
A customer can expect the salesperson to provide honest information but cannot
expect the salesperson to act as an agent or to negotiate the best price in a
purchase. A real estate licensee is also obligated by law to treat customers
honestly, to disclose known material facts about the property, and to promptly
present all offers to the seller.
As a buyer, you may decide you don't need your own agent. The seller's agent may
be able to provide you with all the information you require to buy real property
without your being represented by your own agent; however, if you are a
customer, the licensee's primary loyalty is not to you. It is to his or her
client. The agent must convey all known information to his or her client, such
as your urgency to move or your willingness to increase your offer.
Who is a client?
A client is a person who
establishes an agency relationship with and agrees to be represented by an agent
in a real estate transaction.
A seller becomes a client of a real estate company by signing a listing
agreement with a licensee associated with a company. This agreement must be in
writing and must clearly establish the obligations of both the buyer and the
agent.
A buyer becomes a client of a real estate company by requesting through a
licensee that the company be the buyer's agent. Such an arrangement must be in
writing and clearly establish the obligations of both the buyer and the agent.
Who is an agent?
An agent is the licensee
who, at your direction, acts for and represents you, above all others, as his or
her client. In South Carolina, once an agency relationship is created, the
broker-in-charge of the company is considered to be the agent of the client, and
all licensees within the company become sub-agents of the broker-in-charge
representing the same client.
Acting on your behalf, an agent in a real estate transaction will negotiate the
bets price and terms for you. An agent owes utmost loyalty to you, the client,
and must convey to you any information he or she knows which might influence
your decision to buy or sell.
What is a dual
agent?
In certain circumstances,
which should be explained to you by the licensee, an agent may represent the
buyer and seller in the same transaction provided each has consented in writing
prior to the transaction. This arrangement is called dual agency since one agent
represents both parties and both remain clients of the company.
Working with a dual agent is not the same as having your own agent. For
instance, when representing both a buyer and a seller, the dual agent must not
disclose to only one party confidential information obtained from the other
party. Also, a dual agent may not be the advocate for either party and cannot
negotiate for nor advise either as to price or terms.
It is important that you discuss this with the licensee in order to understand
the limits of services which a dual agent can provide and to determine whether
you want to modify a relationship that you may have established.
Do you want to
be a customer or a client?
Do you want to receive
services (customer) or be represented (client)? If you are not sure, discuss
your options with the real estate licensee with whom you are working. It is your
choice and you need to decide whether you will hire an agent or be
self-represented. At your discretion, it may be advisable for you to obtain
legal or other professional advice in connection with a transaction. It is your
continuing responsibility to protect your own interest.
To see the actual text of
the Acknowledgement of Agency Disclosure that is used by all Real Estate Agents
in Wisconsin,
Customer State
Disclosure
Client State Disclosure
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