Home Buyers Guide from Tammy Mitchell Hines & Co. Workbook for Home Buyers | Page 14

Glossary of Real Estate
Brokerage Relationships

I

Seller’s Agent

n real estate brokers and their salespersons
are required to disclose the type of working
relationship they have with the buyers in a real
estate transaction. There are several types of
relationships that are available to you. You should
understand these at the time a broker provides
specific assistance to you in buying real estate.
Buyer’s Agent and Seller’s Agent relationships are
commonly referred to as “agency” relationships
and carry with them legal duties and
responsibilities for the broker as well as for the
buyer and seller. the Transaction Broker
relationship places the broker in the role of a
“middleman” who assists both parties in the
transaction. A buyer is advised to consult legal
counsel before entering into any agency
relationship.

A Seller’s Agent acts solely on behalf of the seller
and owes duties to the seller which include the
utmost good faith, loyalty, and fidelity. The agent
will negotiate on behalf of and act as an advocate
for the seller. The seller is legally responsible for
the actions of the agent when that agent is acting
within the scope of the agency. The agent must
disclose to buyers or tenants all adverse material
facts about the property known by the agent. A
separate written listing agreement is required
which sets forth the duties and obligations of the
parties.

Transaction Broker
A Transaction Broker assists the buyer or seller or
both throu