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| IMPLIED AGENCY By the actions demonstrated to another person, a Realtor may be considered to have an "Implied Agency" and would therefore be subject to the Law of Agency as it would apply to the actual written obligation. As an example, if a Buyer was to confide their personal or financial status about themselves to an Agent in conjunction with their interest in a listing of that Agent it would indicate that the Buyer showed an element of trust and therefore implied a confidentiality or trust and in this context establishs the existence of an Agency relationship. Realtors must be alert to who they owe an allegiance to and have a duty to infoirm the public of the right to choose. A registered real estate salesperson must be prepared to understand and accept whatever Agency that they are willing to undertake to the best of their ability or not take it at all. It is generally the public who are not prepared to obligate themselves to any one Agent and randomly use a new Realtor on each excursion into the deep, murky and dangerous waters. Forever on a three hour cruise and find themselves stranded on an isolated island of poor or unsure representation. Interviewing full time real estate professionals and feeling comfortable with their experience, knowledge, skills and compatibility with you will pay huge dividends when you are contemplating buying or selling. Please be sure to read REALTOR SellersAgent101 BuyersAgent101 DualAgent101 SubAgent101 UndisclosedAgency FYI The following description of Implied Agency is taken directly from the OREA Encyclopaedia: Implied (Unintended) Dual Agency Implied dual agency arises when a brokerage inadvertently represents two parties or unwittingly is placed in the position of working for two principals, usually the buyer and seller, in a real estate transaction. This situation is most likely to occur in a traditional agency relationship when the seller has listed with a brokerage. The brokerage, and all employed representatives, owe fiduciary duties to the seller through express agreement as set out in the listing agreement/contract. However, one of the salespeople could inadvertently assist the buyer through some form of counselling and advice. Both the seller and buyer may be under incorrect assumptions. The seller may think that the brokerage works solely in his/her best interest. The buyer, upon receiving counselling, is led to believe that an implied agency relationship exists as the salesperson is working in his/her best interest. The result is implied (or unintended) dual agency. Huh? Back To www.realestate1o1.com |