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SECTION
A: GENERAL POLICY ON AGENCY
1)
It is the policy of Great Results Realty to represent both
buyers and sellers.
2)
When an agent lists a property, all agents in the brokerage
are appointed to represent the seller. Language reflecting
this fact is included in our company listing agreement.
3)
When an agent represents a buyer, all agents in the brokerage
are appointed to represent the buyer. Language reflecting this
fact is included in our company's buyer agency agreement.
4)
When representing a seller, Great Results Realty and its
agents owe the seller the duties of loyalty, obedience,
confidentiality, accounting and reasonable skill and care in
performing our duties, and any other duties contained in our
listing agreement. We are required to act solely on behalf of
the seller's interest to seek the best price and terms for the
seller. Finally, as a seller's agent, we also have a duty to
disclose to the seller all material information obtained from
the buyer or from any other source.
5)
When representing a buyer, Great Results Realty and its agents
owe the buyer the duties of loyalty, obedience,
confidentiality, accounting and reasonable skill and care in
performing their duties and any other duties contained in an
agency agreement. The agent and brokerage are required to act
solely on behalf of the buyer's interests to seek the best
price and terms for the buyer. Finally, a buyer's agent and
brokerage also have a duty to disclose to the buyer all
material information obtained from the seller or from any
other source.
6)
When a buyer represented by Great Results Realty wants to buy
property listed with our company, dual agency occurs. This is
true regardless of whether one agent represents both parties
or two separate agents are involved. This is because all
agents are bound to agency relationships under our policy, by
virtue of the language in the agency agreements appointing all
agents. If this occurs, the buyer and seller must sign an
Agency Disclosure Statement that describes the duties and
obligations of the dual agent. A dual agent may not disclose
any confidential information that would place one party at an
advantage over the other party and may not disclose any of the
following information without the informed consent of the
party to whom the information pertains: 1) that a buyer is
willing to pay more than the price offered; 2) that a seller
is willing to accept less than the asking price; 3) motivating
factors of either party for buying or selling; or 4) that a
party will agree to financing terms other than those offered.
SECTION
B: MANAGEMENT-LEVEL POSITIONS
The
following positions in the brokerage are considered to be
management level: Edward M. Sinks, broker and owner
SECTION
C: APPOINTMENT OF LICENSEES
The
listing contract and buyer agency agreement used by agents
both contain language that appoints all agents in the
brokerage to represent our clients. Thus, no further
appointment is necessary.
SECTION
D: WORKING WITH RELATIVES, BUSINESS ASSOCIATES, ETC.
1)
If a person with whom an agent has a personal, family or
business relationship wants to sell property, the agent shall
act as a listing agent representing the seller. If a buyer
represented by the listing agent or any other agent in our
brokerage wants to buy this property, dual agency occurs. The
nature of this relationship with the seller must be disclosed
to the buyer before the buyer consents to dual agency and the
relationship must be disclosed on the Agency Disclosure
Statement. If the buyer is working with an agent from another
brokerage, that cooperating agent must likewise be notified of
the nature of the relationship with the seller, and it must be
disclosed in writing prior to entering into a purchase
contract.
2
a) If a person with whom an agent has a personal,
family or business relationship wants to buy property, that
agent shall represent that buyer as a buyer's agent. If that
buyer purchases property listed with another firm, or a
for-sale-by-owner, any family, business or personal
relationship with the buyer must be disclosed in writing prior
to entering into a purchase contract.
b) If the buyer wants to purchase property listed with
their agent or any other agent in the brokerage, dual agency
occurs. The seller must be informed about the nature of the
relationship with the buyer before the seller consents to the
dual agency and this relationship must be disclosed on the
Agency Disclosure Statement.
3)
If an agent has a personal, family or business relationship
with another agent involved in a transaction, that fact must
be disclosed to the parties. This disclosure must be made
prior to a contract being entered into.
SECTION
E: AGENTS BUYING OR SELLING THEIR OWN PROPERTY
1)
Agents selling their own property are not required to list it
with Great Results Realty, however should they list with Great
Results Realty they would act as their own listing agent.
a) If the agent's property is shown to a buyer working
with another brokerage, that cooperating agent shall be
notified of the fact that the listing agent is also the seller
and this must be noted on any subsequent contract that is
entered into.
b) If a buyer contacts the listing agent/seller
directly about the property, that buyer shall be treated as a
customer and told the property is owned by the listing agent.
The buyer shall be given the Agency Disclosure Statement
indicating that the listing agent represents the seller. If
the buyer wants representation, they must be referred to
another brokerage.
c) If the seller/listing agent or another agent in
Great Results Realty already has an agency relationship with a
buyer who now wants to see his property, the listing agent
must disclose the fact that he is the owner. If the buyer
decides to make an offer, the agent's) must act as a dual
agent. The buyer must be presented with the Agency Disclosure
Statement prior to signing the offer and the fact that the
listing agent is the seller must be disclosed on this form as
a "material relationship."
2)
Agents buying property for themselves may also handle these
transactions through the brokerage and act as a buyer's agent,
although they are not obligated to.
a) If the property the agent wishes to see is listed
with another brokerage, the listing brokerage must be notified
at first contact of the fact the agent is acting for himself.
On any offer the agent makes, it must indicate that he is a
licensed agent with Great Results Realty and submit an Agency
Disclosure Statement indicating that he is a buyer's agent.
b) If the property the agent desires to purchase is
listed with him or another agent in Great Results Realty the
circumstances must be disclosed to the seller immediately and
the seller must consent to the agent(s) acting as dual agents.
The Agency Disclosure Statement must be given to the seller
before any offer to purchase is presented to the seller, and
the fact that the buyer is a licensed agent with Great Results
Realty must be disclosed on this form as a
"material
relationship."
c) If the property an agent is interested in seeing for
his own possible purchase is not listed (a FSBO), then the
agent shall notify the seller at first contact that he is a
buyer's agent representing himself. The agent shall also
disclose his intent, if any, to seek compensation from the
seller. The agent shall not have the seller sign a listing
agreement. In the event the agent wishes to purchase this
property, the fact that the buyer is a licensed agent with
Great Results Realty be noted on the offer and an Agency
Disclosure Statement indicating the agent is acting as a
buyer's agent shall be delivered with the offer.
SECTION
F: CONFIDENTIAL INFORMATION
1)
Since all licensees in Great Results Realty represent all
buyer and seller/clients of the brokerage, all agents act as
dual agents on all in-company transactions. Therefore, all
information, including confidential information, can be shared
within the office. All licensees must keep such information
confidential and cannot disclose it or use it to benefit one
party.
2)
For this reason, it is not necessary to establish procedures
to protect confidential information within the office.
3)
On cooperative transactions with other brokerages, agents, of
course, must recognize their obligation not to disclose such
information to licensees affiliated with other brokerages or
their clients.
SECTION
G: DUAL AGENCY
1)
Agents acting as a dual agent shall disclose to the parties
all relevant information necessary for them to make an
informed decision about whether to consent to the dual agency.
This would include, but not be limited to, the nature of the
relationship an agent may have with a party to the
transaction. This must be done on the Agency Disclosure
Statement. If this information later changes, this change must
be provided in writing to the parties as soon as possible and
they must be given an opportunity to revoke their consent to
the dual agency.
2)
In the event a party refuses to consent to the dual agency, or
seeks to terminate any agency relationship as a result of the
proposed dual agency, the broker shall be notified
immediately. If the client's consent cannot be obtained, Great
Results Realty and its agents cannot act as dual agents. The
broker shall, depending on the circumstances and wishes of the
parties, determine which relationship shall be terminated.
SECTION
H: CHANGING AGENCY RELATIONSHIPS
Agents
shall not change agency relationships once they have been
established, unless approved by the broker. If such a change
is approved, the client whose agency relationship is being
terminated must consent in writing and any persons who know of
the previous relationship must be notified in writing as well.
SECTION
I: POLICY ON COOPERATION AND COMPENSATION
1)
It is the policy of Great Results Realty to cooperate with all
other brokerages on an equal and consistent basis. This means
Great Results Realty and its agents will make its listings
available to other brokerages to show, provide information
that is not confidential, and present all offers written by
other brokerages in a timely and objective manner.
2)
Unless the seller does not authorize it, Great Results Realty
will offer compensation to the following other brokerages:
Sub-agents
and Buyer-Brokers. The
amount of compensation will typically be 3% of the purchase
price, or any other compensation as dictated by contract.
3)
Great Results Realty does reserve the right, in some
instances, to vary the compensation it offers to other
brokerages, whether as sub-agency or buyer agency
compensation. Therefore it may not offer compensation on an
equal and consistent basis to all brokerages.
4)
When acting as a buyer's agent on properties listed with
another brokerage, Great Results Realty does accept the buyer
agency compensation offered by the listing brokerage in the
multiple listing service. When acting with property not listed
(such as a FSBO, or not in the MLS), Great Results Realty will
accept compensation, as specified in the purchase contract.
Should the offer of compensation for any property be
deemed as insufficient, by the broker, Great Results Realty
may at their option decline to show or offer services to sell
such property to its buyer client(s).
The
above policies have been adopted by Great
Results Realty
1/1/2006
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