Representation: The Role of Your REALTOR®

WHAT IS A REALTOR®? |  BROKERAGE AGREEMENTS  |  TYPES OF AGENCY

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A real estate transaction can be one of the largest and most complex investments you make in your life. With the guidance of a qualified agent, you will more successfully navigate through the details of the transaction, including; financing, appraisals, inspections, property repairs, zoning regulations, short sales, and more.

All associates with our firm are REALTORS® and must adhere to a Code of Ethics and protect your interests with professionalism, integrity, and expertise throughout the transaction. Your Funkhouser Real Estate Group Associate has access to sophisticated tools and first-class real estate education.

Are you currently a party to an Exclusive Brokerage Agreement?

If you have already signed a written Exclusive Representation Agreement with another agent, please let us know about the terms of this agreement including the property specifics and expiration date. It is not our intention to interfere with an existing representation agreement.

What are the benefits of signing an Exclusive Brokerage Agreement?

• a clear understanding of representation services

• a real estate professional who is representing your interests

• access to view available properties (buyers/tenants)

• advice on the buying and selling process

• an advocate negotiating on your behalf

• a guide from contract to closing

What is a REALTOR®?

A REALTOR® is a real estate licensee who is a member of the National Association of REALTORS®. REALTORS® are required to adhere to a Code of Ethics that outlines duties to clients, the public, and fellow real estate professionals. The REALTOR® association is an advocate for the rights of property owners and educates its members on today’s market trends.

Brokerage Agreements

As of July 1, 2012, Virginia law (§54.1-2137) requires that all real estate brokerage agreements be in writing. The effect of this law requires a written brokerage agreement for a real estate licensee (agent) to provide licensed services. One of the advantages to a written brokerage agreement is that the consumer will be informed about the services being offered and any associated fees. The agent with whom you choose to work with will be able to represent your interests and advise you on most aspects of the property and transaction. Finally, it is in the best interest of both the client and agent to have clear expectations of the services and representation provided.

Terms of an Agreement:  The brokerage agreement must outline the services provided by the real estate licensee, how long services will be provided, and any associated fees. Depending on the needs of the client and the service offered, a brokerage agreement may be as short as one day or as long as mutually acceptable. The agreement may be for specific properties or for a wide range of available properties.

Duties of an Agent: All associates with Funkhouser Real Estate Group must abide by Virginia laws and the REALTOR® Code of Ethics. These standards require an agent to fulfill these obligations:

• promote the interests of the client
• maintain confidentiality beyond the terms of the agreement
• account in a timely manner for all monies received
• disclose material facts related to the property or the transaction
• treat all parties to the transaction honestly
• perform under the terms of the brokerage agreement

Please Swipe

Exclusive Representation		Designated Representation
The Seller and Buyer are exclusively represented by separate Agents and separate Firms. The Agent and the Firm are solely representing the interests of their respective clients. This representation arrangement is created through a written Exclusive or Non-Exclusive Brokerage Agreement.		The Seller and Buyer are exclusively represented by separate Agents within the same Firm. Agents solely represent the interests of their respective clients. This representation arrangement is created through a written Disclosure of Designated Agency or Representation

 

Dual Representation		Unrepresented Party
The Seller and Buyer are represented by the same Agent and Firm who assist in facilitating a successful transaction. The Agent is limited in their ability to represent the Seller and Buyer. An Agent may NOT provide the following services in this type of representation: cannot advise either party as to the terms to offer or accept in any counteroffer cannot advise the buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law) cannot advise either party as to what repairs of the property to make or request cannot advise either party in any dispute that arises relating to the transaction		The Seller is represented exclusively by the same Agent and Firm. The Buyer has no representation in this situation, however, the Agent may provide ministerial acts to the Buyer to assist in facilitating a successful transaction. Ministerial acts include: filling in the blanks of a contract while strictly following the Unrepresented Party’s instructions deliver offers and counter offers hold the escrow deposit in the Firm’s account * The Agent may not provide any advice or service beyond ministerial acts to the Unrepresented Party in a transaction. ** A Seller may also be an Unrepresented Party in a transaction when a Buyer has representation.