This disclosure is provided to you, the consumer, by the real estate agent listed on
this form. Make sure you read both sides of this form. The reverse side
contains a more detailed description of the different types of relationships
available to you. This is not a contract.
THE TIME WHEN THE LICENSEE MUST PROVIDE THIS NOTICE TO THE CONSUMER:
All real estate licensees must present this form to you at the first personal meeting
with you to discuss a specific property. The licensee can represent you as the
seller (Seller's Agent) or represent you as the buyer (Buyer's Agent) and also
can assist you as a facilitator.
CONSUMER INFORMATION AND RESPONSIBILITY:
Whether you are the buyer or seller you can choose to have the advice, assistance and
representation of your own agent who works for you. Do not assume that a real
estate agent works solely for you unless you have an agreement for that
relationship. With your consent, licensees from the same firm may represent a
buyer and seller in the same transaction. These agents are referred to as dual
agents.
Also a buyer and seller may be represented by agents in the same real estate firm as
designated agents. The "designated seller or buyer agent" is your
sole representative. However where both the seller and buyer provide written
consent to have a designated agent represent them then the agent making such
designation becomes a "dual agent" for the buyer and seller. All real
estate agents must, by law, present properties honestly and accurately. They
must also disclose known material defects in the real estate.
The duties of a real estate agent do not relieve the consumers of the
responsibility to protect their own interests. If you need advice for legal, tax,
insurance or land survey matters it is your responsibility to consult a
professional in those areas. Real Estate agents do not have a duty to perform
home, lead paint or insect inspections nor do they perform septic system,
wetlands or environmental evaluations.
RELATIONSHIP OF REAL ESTATE LICENSEE WITH THE CONSUMER
(check one) ___Seller's agent___Buyer's agent ___Facilitator
IF A SELLER'S OR BUYER'S AGENT IS CHECKED ABOVE COMPLETE THE SECTION BELOW:
Relationship with others affiliated with __________________________________________
(Print name of real estate firm or
business and license number)
(Check one)
____The
real estate agent listed below, the real estate firm or business listed above
and all other affiliated agents have the same relationship with the consumer
named herein (seller or buyer agency, not designated agency).
____Only the real estate
agent listed below represents the consumer named in this form (designated
seller or buyer agency). In this situation any firm or business listed
above and other agents affiliated with the firm or business do not represent
you and may represent another party in your real estate transaction.
By
signing below I, the real estate licensee, acknowledge that this disclosure has
been provided timely to the consumer named herein.
_________________________ ____________________________ _____________ ____________
(signature
of real estate agent) (Printed name
of real estate agent) (License
Number/Type) (Today's Date)
By
signing below I, the consumer, acknowledge that I have received and read the
information in this disclosure.
_______________________ ________________________ _____________
(Signature of consumer) (Printed name of consumer) (Today's Date)
_______________________ ________________________ _____________
(Signature of consumer) (Printed name of consumer) (Today's Date)
___Check
here if the consumer declines to sign this notice.
TYPES OF AGENCY REPRESENTATION
SELLER'S AGENT
A seller
can engage the services of a real estate agent to sell his property (called the
listing agent) and the real estate agent is then the agent for the seller who
becomes the agent's client. This means that the real estate agent represents
the seller. The agent owes the seller undivided loyalty, reasonable care,
disclosure, obedience to lawful instruction, confidentiality and
accountability, provided, however, that the agent must disclose known material
defects in the real estate. The agent must put the seller's interests first and
negotiate for the best price and terms for their client, the seller. (The
seller may authorize sub-agents to represent him/her in marketing its property
to buyers, however the seller should be aware that wrongful action by the real
estate agent or sub-agents may subject the seller to legal liability for those
wrongful actions).
BUYER'S AGENT
A buyer
can engage the services of a real estate agent to purchase property and the
real estate agent is then the agent for the buyer who becomes the agent's
client. This means that the real estate agent represents the buyer. The agent
owes the buyer undivided loyalty, reasonable care, disclosure, obedience to
lawful instruction, confidentiality and accountability, provided, however, that
the agent must disclose known material defects in the real estate. The agent
must put the buyer's interests first and negotiate for the best price and terms
for their client, the buyer. (The buyer may also authorize sub-agents to
represent him/her in purchasing property, however the buyer should be aware
that wrongful action by the real estate agent or sub-agents may subject the
buyer to legal liability for those wrongful actions).
(NON-AGENT)
FACILITATOR
When a
real estate agent works as a facilitator that agent assists the seller and
buyer in reaching an agreement but does not represent either the seller or
buyer in the transaction. The facilitator and the broker with whom the
facilitator is affiliated owe the seller and buyer a duty to present each
property honestly and accurately by disclosing known material defects about the
property and owe a duty to account for funds. Unless otherwise agreed, the
facilitator has no duty to keep information received from a seller or buyer
confidential. The role of facilitator applies only to the seller and buyer in
the particular property transaction involving the seller and buyer. Should the
seller and buyer expressly agree a facilitator relationship can be changed to
become an exclusive agency relationship with either the seller or the buyer.
DESIGNATED SELLER'S
AND BUYER'S AGENT
A real
estate agent can be designated by another real estate agent (the appointing or
designating agent) to represent either the buyer or seller, provided the buyer
or seller expressly agrees to such designation. The real estate agent once so
designated is then the agent for either the buyer or seller who becomes their
client. The designated agent owes the buyer or seller undivided loyalty,
reasonable care, disclosure, obedience to lawful instruction, confidentiality
and accountability, provided, however, that the agent must disclose known
material defects in the real estate. The agent must put their client's
interests first and negotiate for the best price and terms for their client. In
situations where the appointing agent designates another agent to represent the
seller and an agent to represent the buyer then the appointing agent becomes a
dual agent. Consequently a dual agent cannot satisfy fully the duties of
loyalty, full disclosure, obedience to lawful instructions which is required of
an exclusive seller or buyer agent. The dual agent does not represent either
the buyer or the seller solely only your designated agent represents your interests. The written consent for
designated agency must contain the information provided for in the regulations
of the Massachusetts Board of Registration of Real Estate Brokers and
Salespeople (Board). A sample designated agency consent is available at the
Board's website at www.mass.gov/dpl/re.
DUAL AGENT
A real
estate agent may act as a dual agent representing both the seller and buyer in
a transaction but only with the express and informed consent of both the seller
and buyer. Written consent to dual agency must be obtained by the real estate
agent prior to the execution of an offer to purchase a specific property. A
dual agent shall be neutral with regard to any conflicting interest of the
seller and buyer. Consequently a dual agent cannot satisfy fully the duties of
loyalty, full disclosure, obedience to lawful instructions which is required of
an exclusive seller or buyer agent. A dual agent does, however, still owe a
duty of confidentiality of material information and accounting for funds. The
written consent for dual agency must contain the information provided for in
the regulations of the Massachusetts Board of Registration of Real Estate
Brokers and Salespeople (Board). A sample dual agency consent is available at
the Board's website at www.mass.gov/dpl/re.
