Re: No such thing - Posted by Ed Copp
Posted by Ed Copp on July 22, 2003 at 20:53:36:
as a licensed Realtor. Now that said there is such a thing as dual agency in my state. It is tricky.
As a licensed real estate broker (not a realtor) I work alone from time to time. That is to say I have no agents. I list and I sell. My state seems to think that it is difficult to serve two clients at the same time, and sometimes it is.
We are required to use a form that all parties sign. This form states that all the parties know that there is a dual agency, and do not object to that. In the case where there are other agents in the office the broker could appoint another agent to represent one side or the other thus eliminating the dual agency. In my case I have no agents, so this is not an option. I would be curious as to how other states do this.
If the buyer or the seller objects to me being a dual agent I do this. I set aside some of the commission and direct the objecting party to hire a lawyer. I will pay the lawyer a set amount (or up to that) from the commission. Thus treating the lawyer as a co-op broker might be treated. This works fairly well as the party who objected now has representation outside of the office. It is not irregular that I will need to educate the lawyer, on the subject of real estate. In my town I have been in real estate longer than any of the lawyers have been practicing law, and longer than some of them have been alive. It is a distinct edge, for me.
Realtors, is a group that one can join by paying dues. There is no such thing as a licensed Realtor. There are licensed brokers, and agents who join the club called Realtors, (or not).