Businesses must treat customers fairly if they expect to do business with them again or get recommendations to their friends. Customers of stores like Nordstrom’s understand that a salesperson is an employee and represents the company.
The duties a buyer or seller can expect to receive from a real estate salesperson or broker include but are not limited to honesty, accountability, full disclosure, representation and reasonable skill and care. Buyers and sellers might additionally expect representation, obedience, loyalty and confidentiality. State laws can differ on specific duties.The line becomes less clear in some industries, especially ones that involve real estate. Agency is a legal relationship authorizing a person to act for or in the place of another. It involves responsibilities that exceed treating a person fairly.
Mortgage and title officers are limited in their duties to the buyer to honesty and accountability and specific requirements under the federal Real Estate Settlement and Procedures Act.
A special relationship with a real estate agent makes it advantageous to have them coordinate efforts with the other professionals in the home buying process. Since most buyers’ and sellers’ transactions are infrequent, the agent can bring valuable experience to the transaction.
Every buyer and seller should discuss the level of service they expect from the real estate professional they work with. Another good question is what happens if the purchase and sale are within the same company.
Author:Duane Caraballo Phone: 720-371-8629 Dated: June 12th 2017 Views: 218 About Duane: ...
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17 years of diverse residential sales experience from corporate relocation to millennial, high tech, socially-driven entrepreneurial clientele. Lifestyle architect and matchmaker for your dream home & cultural experience here in the Boulder area. Enamorate yourself with fine-food establishments, friends, arts, fun & the vibrant downtown energy living in Boulder has to offer along with a home that reflects your image, style and needs.