National RE Salesperson·Agency & Contracts·Agency Relationships
4.2 - Agency Relationships
OLD CAR fiduciary duties: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care — owed to CLIENTS only
Customer duties (to non-clients): honesty, fair dealing, material fact disclosure, fund accounting — NOT loyalty, confidentiality, or obedience
Agency types: seller's agent (full fiduciary to seller), buyer's agent (full fiduciary to buyer), dual agent (limited duties to both; written informed consent from both BEFORE beginning), designated agent (full fiduciary each; same firm; separate agents), transaction broker (no fiduciary; ministerial only)
Agency created by: express agreement, implied conduct, ratification
Agency disclosure: at first substantive contact; in writing; written acknowledgment from client
OLD CAR fiduciary duties: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care — owed to CLIENTS only
Customer duties (to non-clients): honesty, fair dealing, material fact disclosure, fund accounting — NOT loyalty, confidentiality, or obedience
Agency types: seller's agent (full fiduciary to seller), buyer's agent (full fiduciary to buyer), dual agent (limited duties to both; written informed consent from both BEFORE beginning), designated agent (full fiduciary each; same firm; separate agents), transaction broker (no fiduciary; ministerial only)
Agency created by: express agreement, implied conduct, ratification
Agency disclosure: at first substantive contact; in writing; written acknowledgment from client