A Quick Guide to Agency Terms
Seller's Agent
A seller’s agent works solely on behalf of the seller to promote the interests of the seller with the utmost
good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller.
The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s
agent about the property. A separate written listing agreement is required which sets forth the duties and
obligations of the broker and the seller.
Buyer's Agent
A buyer’s agent works solely on behalf of the
buyer to promote the interests of the buyer with
the utmost good faith, loyalty and fidelity. The
agent negotiates on behalf of and acts as an
advocate for the buyer. The buyer’s agent must
disclose to potential sellers all adverse material
facts actually known by the buyer’s agent,
including the buyer’s financial ability to perform
the terms of the transaction and, if a residential
property, whether the buyer intends to occupy
the property. A separate written buyer agency
agreement is required which sets forth the duties
and obligations of the broker and the buyer.
Transaction-Broker
A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing
terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the
parties with any contracts, including the closing of the transaction without being an agent or advocate for
any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral
or written agreement, and must make the same disclosures as agents about all adverse material facts
actually known by the transaction-broker concerning a property or a buyer’s financial ability to perform the
terms of a transaction and, if a residential property, whether the buyer intends to occupy the property. No
written agreement is required.
Customer
A customer is a party to a real estate transaction with whom the broker has no brokerage relationship
because such party has not engaged or employed the broker, either as the party’s agent or as the party’s
transaction-broker.
