DEFINITION:
A Broker engaged through a written agreement by the Buyer/Tenant to act as Buyer's Agent or Tenant's Agent.
Duties of the Agent:
• To perform the terms of the written agreement.
• To exercise reasonable skill and care for the Buyer/Tenant.
• To promote the interests of Buyer/Tenant with utmost loyalty, good faith and fidelity.
• To seek a price and terms acceptable to Buyer/Tenant.
• To present all offers to and from Buyer/Tenant in a timely manner.
• To disclose to Buyer/Tenant adverse material facts actually known by Broker.
• To advise Buyer/Tenant as to material benefits or risks actually known by Broker.
• To advise Buyer/Tenant to seek legal and other expert advice.
• To account in a timely manner for all monies and properties received.
• To comply with all local, state and federal laws.
• To disclose the following only with informed consent of the Buyer/Tenant.
• That the Buyer/Tenant is willing to pay more than the purchase/lease price.
• What the motivations are of Buyer/Tenant.
• What financing terms the Buyer/Tenant would agree to.
• Any material information about the Buyer/Tenant unless required by law.
• Facts or suspicions which may psychologically impact the purchase.
Termination of agency will be the earlier of the following:
• The date of expiration agreed to by the parties.
• Completion of the Purchase of a Property.
• Mutual Termination by the Parties.
Responsibilities following contract termination or performance:
• Accountability for monies and properties
• Confidentiality of information received during agreement unless:
a. Required by law.
b. Released in writing by engaging party.
c. Information is made public by source other than Broker
Compensation:
• Payment of compensation shall not be construed to establish agency.
• Compensation may be paid by Buyer/Tenant or Seller/Landlord or third party.
• The identity of source of compensation shall be disclosed to all parties.
• Compensation by more than one party is permitted with the written consent of the parties.
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