NEWPORT COUNTY BOARD OF REALTORS
MANDATORY AGENCY DISCLOSURE - AGENCY RELATIONSHIP The purpose of this disclosure is to enable you to make informed choices before working with a real estate licensee. It should be provided at the first personal meeting that you have with an agent to discuss or preview a specific property. THIS IS NOT A CONTRACT. It is a disclosure notice for your information and protection. Special attention should be given to the descriptions of the different types of agency representation attached to this form. Per R.I. General Law 5-20.6-4, the selling agent must provide a copy of this form to the listing agent at the time of showing property. CONSUMER INFORMATION 1. Whether you are the BUYER or SELLER you can choose to have the advice, assistance and representation of your own agent. Do not assume that a broker is acting on your behalf unless you have contracted with that broker to represent you. 2. All real estate licensees must, by law, present all properties honestly and accurately. 3. If you are a SELLER you may authorize your listing agent to cooperate with agents from other firms to help you sell your property. These cooperating agents may be either subagents who work for the seller, or buyer’s agents that work for the buyer. 4. If you are the BUYER you have the option of selecting how you wish to be represented, either by an agent acting on your behalf as a Buyer’s Agent, or by an agent acting on the behalf of the seller as a subagent of the seller. A buyer should divulge only what he/she would tell the seller directly if they chose to work with a sellers’ agent or subagent. CONSUMER RESPONSIBILITY The duties of a real estate licensee do not relieve the consumer of the responsibility to protect his/her own interest. Consumers with questions on whether and how real estate agents share fees should pose them to the agent. If you need advice for legal, tax, insurance or other matters it is your responsibility to consult a professional in those areas. TYPES OF AGENCY REPRESENTATION SELLER’S AGENT When a seller engages the services of a listing broker, that seller becomes the client of the broker. This means the broker, and his/her subagents represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the seller’s interest first and negotiate for the best price and terms for their client, the seller. BUYER’S AGENT When a buyer engages the services of a broker then that buyer becomes the brokers client. This means that the broker represents the buyer. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The broker must put the buyer’s interest first and negotiate for the best price and terms for his/her client, the buyer.DISCLOSED DUAL AGENT A broker can work for both the buyer and seller on the same property provided such broker obtains the informed consent of both parties. The broker is then considered a DISCLOSED DUAL AGENT. This broker owes the seller and the buyer a duty to deal with them honestly and fairly. In this type of agency relationship the broker does not represent either the buyer or seller exclusively and they cannot expect the broker’s undivided loyalty. In addition, it is illegal for a broker to operate as an undisclosed dual agent. |
