Acknowledgment printable pdf download

CONSUMER NOTICE

THIS IS NOT A CONTRACT

In an effort to enable consumers of real estate services to make informed decisions about the business relationships they may have

with real estate brokers and salespersons (licensees), the Real Estate Licensing and Registration Act (RELRA) requires that

consumers be provided with this Notice at the initial interview.

• Licensees may enter into the following agency relationships with consumers:

Seller Agent

As a seller agent the licensee and the licensee's company works exclusively for the seller/landlord and must act in the

seller's/landlord's best interest, including making a continuous and good faith effort to find a buyer/tenant except while the prop-

erty is subject to an existing agreement. All confidential information relayed by the seller/landlord must be kept confidential

except that a licensee must reveal known material defects about the property. A subagent has the same duties and obligations as

the seller agent.

Buyer Agent

As a buyer agent, the licensee and the licensee's company work exclusively for the buyer/tenant even if paid by the

seller/landlord. The buyer agent must act in the buyer/tenant's best interest, including making a continuous and good faith effort

to find a property for the buyer/tenant, except while the buyer is subject to an existing contract, and must keep all confidential

information, other than known material defects about the property, confidential.

Dual Agent

As a dual agent, the licensee works for both the seller/landlord and the buyer/tenant. A dual agent may not take any action that is

adverse or detrimental to either party but must disclose known material defects about the property. A licensee must have the

written consent of both parties before acting as a dual agent.

Designated Agent

As a designated agent, the broker of the selected real estate company designates certain licensees within the company to act

exclusively as the seller/landlord agent and other licensees within the company to act exclusively as the buyer/tenant agent in the

transaction. Because the broker supervises all of the licensees, the broker automatically serves as a dual agent. Each of the desig

nated licensees are required to act in the applicable capacity explained previously. Additionally, the broker has the duty to take

reasonable steps to assure that confidential information is not disclosed within the company.

• In addition, a licensee may serve as a Transaction Licensee.

A transaction licensee provides real estate services without having any agency relationship with a consumer. Although a transac-

tion licensee has no duty of loyalty or confidentiality, a transaction licensee is prohibited from disclosing that:

• The seller will accept a price less than the asking/listing price,

• The buyer will pay a price greater than the price submitted in the written offer, and

• The seller or buyer will agree to financing terms other than those offered.

Like licensees in agency relationships, transaction licensees must disclose known material defects about the property.

COPIES: GREEN–CONSUMER; WHITE–BROKER 12/08

Acknowledgment