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Agency relationship: Traditionally, the Real Estate Broker provides a conventional full-service, commission-based brokerage relationship under a
signed listing agreement with a seller or "buyer representation" agreement
with a buyer, thus creating under common law in most states an agency
relationship with fiduciary obligations. The seller or buyer is then a
client of the broker. Some states also have statutes which define and
control the nature of the representation. Non-agency relationship: where no written agreement nor fiduciary relationship exists, a real estate broker (and his agents) works with a principal who is then known as the broker’s customer. When a buyer, who has not entered into a Buyer Agency agreement with the broker and buys a property, then that broker functions as the sub-agent of the seller’s broker. When a seller chooses to work with a transaction broker, there is no agency relationship created. |
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