| Great Results Realty Agency Policy |
|
SECTION
A: GENERAL POLICY ON AGENCY 1)
It is the policy of Great Results Realty to represent both buyers and
sellers. 2)
When an agent lists a property, all agents in the brokerage are
appointed to represent the seller. Language reflecting this fact is
included in our company listing agreement. 3)
When an agent represents a buyer, all agents in the brokerage are
appointed to represent the buyer. Language reflecting this fact is
included in our company's buyer agency agreement. 4)
When representing a seller, Great Results Realty and its agents owe
the seller the duties of loyalty, obedience, confidentiality,
accounting and reasonable skill and care in performing our duties, and
any other duties contained in our listing agreement. We are required
to act solely on behalf of the seller's interest to seek the best
price and terms for the seller. Finally, as a seller's agent, we also
have a duty to disclose to the seller all material information
obtained from the buyer or from any other source. 5)
When representing a buyer, Great Results Realty and its agents owe the
buyer the duties of loyalty, obedience, confidentiality, accounting
and reasonable skill and care in performing their duties and any other
duties contained in an agency agreement. The agent and brokerage are
required to act solely on behalf of the buyer's interests to seek the
best price and terms for the buyer. Finally, a buyer's agent and
brokerage also have a duty to disclose to the buyer all material
information obtained from the seller or from any other source. 6)
When a buyer represented by Great Results Realty wants to buy property
listed with our company, dual agency occurs. This is true regardless
of whether one agent represents both parties or two separate agents
are involved. This is because all agents are bound to agency
relationships under our policy, by virtue of the language in the
agency agreements appointing all agents. If this occurs, the buyer and
seller must sign an Agency Disclosure Statement that describes the
duties and obligations of the dual agent. A dual agent may not
disclose any confidential information that would place one party at an
advantage over the other party and may not disclose any of the
following information without the informed consent of the party to
whom the information pertains: 1) that a buyer is willing to pay more
than the price offered; 2) that a seller is willing to accept less
than the asking price; 3) motivating factors of either party for
buying or selling; or 4) that a party will agree to financing terms
other than those offered. SECTION
B: MANAGEMENT-LEVEL POSITIONS The
following positions in the brokerage are considered to be management
level: Edward M. Sinks, broker and owner SECTION
C: APPOINTMENT OF LICENSEES The
listing contract and buyer agency agreement used by agents both
contain language that appoints all agents in the brokerage to
represent our clients. Thus, no further appointment is necessary. SECTION
D: WORKING WITH RELATIVES, BUSINESS ASSOCIATES, ETC. 1)
If a person with whom an agent has a personal, family or business
relationship wants to sell property, the agent shall act as a listing
agent representing the seller. If a buyer represented by the listing
agent or any other agent in our brokerage wants to buy this property,
dual agency occurs. The nature of this relationship with the seller
must be disclosed to the buyer before the buyer consents to dual
agency and the relationship must be disclosed on the Agency Disclosure
Statement. If the buyer is working with an agent from another
brokerage, that cooperating agent must likewise be notified of the
nature of the relationship with the seller, and it must be disclosed
in writing prior to entering into a purchase contract. 2
a) If a person with whom an agent has a personal, family or
business relationship wants to buy property, that agent shall
represent that buyer as a buyer's agent. If that buyer purchases
property listed with another firm, or a for-sale-by-owner, any family,
business or personal relationship with the buyer must be disclosed in
writing prior to entering into a purchase contract.
b) If the buyer wants to purchase property listed with their
agent or any other agent in the brokerage, dual agency occurs. The
seller must be informed about the nature of the relationship with the
buyer before the seller consents to the dual agency and this
relationship must be disclosed on the Agency Disclosure Statement. 3)
If an agent has a personal, family or business relationship with
another agent involved in a transaction, that fact must be disclosed
to the parties. This disclosure must be made prior to a contract being
entered into. SECTION
E: AGENTS BUYING OR SELLING THEIR OWN PROPERTY 1)
Agents selling their own property are not required to list it with
Great Results Realty, however should they list with Great Results
Realty they would act as their own listing agent.
a) If the agent's property is shown to a buyer working with
another brokerage, that cooperating agent shall be notified of the
fact that the listing agent is also the seller and this must be noted
on any subsequent contract that is entered into.
b) If a buyer contacts the listing agent/seller directly about
the property, that buyer shall be treated as a customer and told the
property is owned by the listing agent. The buyer shall be given the
Agency Disclosure Statement indicating that the listing agent
represents the seller. If the buyer wants representation, they must be
referred to another brokerage.
c) If the seller/listing agent or another agent in Great
Results Realty already has an agency relationship with a buyer who now
wants to see his property, the listing agent must disclose the fact
that he is the owner. If the buyer decides to make an offer, the
agent's) must act as a dual agent. The buyer must be presented with
the Agency Disclosure Statement prior to signing the offer and the
fact that the listing agent is the seller must be disclosed on this
form as a "material relationship." 2)
Agents buying property for themselves may also handle these
transactions through the brokerage and act as a buyer's agent,
although they are not obligated to.
a) If the property the agent wishes to see is listed with
another brokerage, the listing brokerage must be notified at first
contact of the fact the agent is acting for himself. On any offer the
agent makes, it must indicate that he is a licensed agent with Great
Results Realty and submit an Agency Disclosure Statement indicating
that he is a buyer's agent.
b) If the property the agent desires to purchase is listed with
him or another agent in Great Results Realty the circumstances must be
disclosed to the seller immediately and the seller must consent to the
agent(s) acting as dual agents. The Agency Disclosure Statement must
be given to the seller before any offer to purchase is presented to
the seller, and the fact that the buyer is a licensed agent with Great
Results Realty must be disclosed on this form as a "material
relationship."
c) If the property an agent is interested in seeing for his own
possible purchase is not listed (a FSBO), then the agent shall notify
the seller at first contact that he is a buyer's agent representing
himself. The agent shall also disclose his intent, if any, to seek
compensation from the seller. The agent shall not have the seller sign
a listing agreement. In the event the agent wishes to purchase this
property, the fact that the buyer is a licensed agent with Great
Results Realty be noted on the offer and an Agency Disclosure
Statement indicating the agent is acting as a buyer's agent shall be
delivered with the offer. SECTION
F: CONFIDENTIAL INFORMATION 1)
Since all licensees in Great Results Realty represent all buyer and
seller/clients of the brokerage, all agents act as dual agents on all
in-company transactions. Therefore, all information, including
confidential information, can be shared within the office. All
licensees must keep such information confidential and cannot disclose
it or use it to benefit one party. 2)
For this reason, it is not necessary to establish procedures to
protect confidential information within the office. 3)
On cooperative transactions with other brokerages, agents, of course,
must recognize their obligation not to disclose such information to
licensees affiliated with other brokerages or their clients. SECTION
G: DUAL AGENCY 1)
Agents acting as a dual agent shall disclose to the parties all
relevant information necessary for them to make an informed decision
about whether to consent to the dual agency. This would include, but
not be limited to, the nature of the relationship an agent may have
with a party to the transaction. This must be done on the Agency
Disclosure Statement. If this information later changes, this change
must be provided in writing to the parties as soon as possible and
they must be given an opportunity to revoke their consent to the dual
agency. 2)
In the event a party refuses to consent to the dual agency, or seeks
to terminate any agency relationship as a result of the proposed dual
agency, the broker shall be notified immediately. If the client's
consent cannot be obtained, Great Results Realty and its agents cannot
act as dual agents. The broker shall, depending on the circumstances
and wishes of the parties, determine which relationship shall be
terminated. SECTION
H: CHANGING AGENCY RELATIONSHIPS Agents
shall not change agency relationships once they have been established,
unless approved by the broker. If such a change is approved, the
client whose agency relationship is being terminated must consent in
writing and any persons who know of the previous relationship must be
notified in writing as well. SECTION
I: POLICY ON COOPERATION AND COMPENSATION 1)
It is the policy of Great Results Realty to cooperate with all other
brokerages on an equal and consistent basis. This means Great Results
Realty and its agents will make its listings available to other
brokerages to show, provide information that is not confidential, and
present all offers written by other brokerages in a timely and
objective manner. 2)
Unless the seller does not authorize it, Great Results Realty will
offer compensation to the following other brokerages: Sub-agents
and Buyer-Brokers. The
amount of compensation will typically be 3% of the purchase price, or
any other compensation as dictated by contract.
3)
Great Results Realty does reserve the right, in some instances, to
vary the compensation it offers to other brokerages, whether as
sub-agency or buyer agency compensation. Therefore it may not offer
compensation on an equal and consistent basis to all brokerages. 4)
When acting as a buyer's agent on properties listed with another
brokerage, Great Results Realty does accept the buyer agency
compensation offered by the listing brokerage in the multiple listing
service. When acting with property not listed (such as a FSBO, or not
in the MLS), Great Results Realty will accept compensation, as
specified in the purchase contract.
Should the offer of compensation for any property be deemed as
insufficient, by the broker, Great Results Realty may at their option
decline to show or offer services to sell such property to its buyer
client(s). The
above policies have been adopted by Great
Results Realty |