Concepts Definitions

• Agency Disclosure: A written statement, often on a form approved by the Real Estate

Commissioner, that explains the duties of various types of real estate agents (seller’s

agent, buyer’s agent, and dual agent) to all parties in a transaction. Its purpose is to clarify

the agency relationships.

• Principal: The client or customer (buyer, seller, landlord, or tenant) who appoints an

agent to represent them in real estate dealings. The agent owes fiduciary duties to their

principal.

• Listing Broker: The real estate broker who has an employment contract (listing

agreement) with a property seller to market and sell their property. They are responsible

for providing agency disclosure to their seller-principal.

• Selling Broker / Buyer’s Agent: The broker who represents the buyer in a transaction. In

real estate terminology, a buyer’s agent is often referred to as a “selling agent”. They are

responsible for providing agency disclosure to their buyer-principal.

• Cooperating Broker: A broker who works with the listing broker, typically representing

the buyer, and often a member of a multiple listing service (MLS). As a buyer’s

representative, they would be c

Search

Pages: 1 2 3