Who does a Realtor represent? We’re glad you asked. Here’s
the unexciting answer.
Minnesota law requires that early in any real estate
relationship, real estate brokers or salespersons discuss with
consumers what type of agency representation or
relationship they desire.
A home seller who lists the property for sale with a broker or
salesperson of a broker, contracts with that brokerage to
represent them, the seller. The broker who represents the
seller owes to the seller fiduciary duties, as described below.
A Buyer may hire an agent or broker to represent them in the
purchase of a property. The broker or salesperson acts on the
Buyer’s behalf and owes to this client the same fiduciary
duties listed below.
The Fiduciary duties mentioned above are:
LOYALTY: – broker/salesperson will act only in client’s
best interest
OBEDIENCE: – broker/salesperson will carry out all client’s
lawful instructions
DISCLOSURE: – broker/salesperson will disclose to client all
material facts of which broker/salesperson has knowledge
which might reasonably affect the client’s use and enjoyment
of the property
CONFIDENTIALITY: – broker/salesperson will keep client’s
confidences unless required by law to disclose specific
information (such as material facts to Buyers)
REASONABLE CARE: – broker/salesperson will use
reasonable care in performing duties as an agent
ACCOUNTING: – broker/salesperson will account to client
for all client’s money and property received as agent
There’s another agency relationship that requires
explanation and consent of both parties: Dual Agency. To
learn more about Dual Agency, call us for a private
consultation and to discuss the role of a Facilitator as well.
When you are ready to Move Forward, Camarata Numrich
are the only SW Metro Realtors who combine experience,
integrity, and professionalism to elevate your Lifestyle and
Exceed your expectations.
