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: 162 About Duane: ...
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""Couldn't have done it without Duane! Duane Caraballo was invaluable throughout the process of listing and selling our home and finding a new one. His experience and market knowledge helped us to prepare the property to show better than any others in our neighborhood. Within a few days of listing, our showings were complete and we were deciding which of many offers to accept. Duane was also crucial during subsequent negotiations and contract amendments related to inspection and more. He was in close contact throughout the entire process and helped us to understand the many nuances of real estate transactions. He also quickly put us in front of our dream home and helped us to acquire it. I recommend Duane Caraballo to anyone looking to have a successful experience while listing or buying a home." 9/10/2015"