There are several types of brokerage relationships that are possible and you, whether a client or a customer, should understand them at the time a licensee begins to provide brokerage servIces to you in a real estate transaction. They are: 1) Buyer Limited Agency; 2) Tenant Limited Agency: 3) Seller Limited Agency: 4) Landlord Limited Agency: 5) Dual Limited Agency: and 6) Common Law Agency
The licensee who is offering brokerage services to you, or who is providing brokerage services for a particular property, must make certain disclosures regarding his/her brokerage relationship in the transaction. These disclosures must be made at the earliest practicable opportunity during or following the first substantial contact with a buyer, tenant, seller or landlord who does not have a written agreement for brokerage services with another licensee.
All real estate licensees providing brokerage services
are buyer's or tenant's limited agents (NO WRITTEN
AGREEMENT IS NECESSARY) unless:
1) the licensee has entered into a written agreement
with a seller (a listing agreement) or a landlord (a
management or leasing agreement) to represent
the seller or landlord as their limited agent;
2) the licensee is providing brokerage services as a
subagent of another broker who has an agency
relationship with a client;
3) the licensee is providing brokerage services under
a written dual agency agreement: or
4) the licensee is operating under a written common
law agency agreement with a client.
It should be noted that at the end of each of the four
sections in this document brokers were given space to
include information specifying those brokerage relation-
ships their firms offer and identifying the services they can
provide within each relationship. Broker supplements to
this brochure are distinguished by print type and are in
addition to the language prepared and approved by the
Nebraska Real Estate Commission.
A buyer's or tenant's limited agent shall not disclose any confidential information about the buyer or tenant unless required by statute, rule or if failure to disclose would constitute fraudulent misrepresentation.
A buyer's or tenant's limited agent may retain and compensate other brokers as subagents only with the written agreement of the buyer or tenant. (Subagents have the same duties and obligations as the buyer's or tenant's limited agents.)
A buyer's or tenant's limited agent may show the same property to competing buyers and tenants, and assist competing buyers and tenants in attempting to purchase or lease said property without breaching any duly or obligation to their client.
A buyer's or tenant's limited agent owes no duty or obligation to a customer (seller or landlord) except to disclose, in writing, all adverse material facts actually known by the licensee. Adverse material facts may include adverse material facts concerning the buyer's or tenant's financial ability to perform the terms of the transaction.
A buyer's or tenant's limited agent must also act honestly and fairly in their dealings with a seller or landlord.
A buyer's or tenant's limited agent owes no duty to conduct an independent investigation of the buyer's or tenant's financial condition for the benefit of the seller or landlord or to independently verify the accuracy or completeness of statements made by the buyer or tenant or any independent inspector.
A buyer's or tenant's limited agent must, if the seller or
landlord is not represented by another licensee, provide a
list of tasks that the buyer's or tenant's limited agent
intends to perform for the seller or landlord (customer).
Offers Buyer Agency
1. Explain buying process from buyers & sellers position
2. Review purchase agreement & explain clauses
3. Provide an estimate of closing costs based on contract
4. Assist in the transaction until closing
5. Assist in determining your financial ability to purchase
6. Provide background information you wish provided to seller
A seller's or landlord's limited agent shall not disclose any confIdential information about the seller or landlord unless required to do so by statute, rule or if failure to disclose would constitute fraudulent misrepresentation.
A seller's or landlord's limited agent may retain and compensate other brokers as subagents only with the written agreement of the seller or landlord. (Subagents have the same duties and obligations as the seller's or landlord's limited agent.)
A seller's or landlord's limited agent may show and list alternative or competing properties without breaching any duty or obligation to the seller or landlord.
A seller's or landlord's limited agent owes no duty or
obligation to a customer (buyer or tenant) except to
disclose, in writing, all adverse material facts actually known
by the seller's or landlord's limited agent. An adverse
material fact includes:
1) environmental hazards affecting the property
required by law to be disclosed:
2) physical condition of the property:
3) material defects in the property:
4) material defects in the title to the property: and
5) material limitations on the seller's or landlord's
ability to perform under a contract.
A seller's or landlord's limited agent must also act
honestly and fairly in their dealings with a buyer or tenant.
A seller's or landlord's limited agent owes no duty to
conduct an independent inspection of the property for the
benefit of the buyer or tenant or to independently verify the
accuracy or completeness of any statement made by the
seller or landlord or an independent inspector.
A seller's or landlord's limited agent must, if the buyer
or tenant is not represented by another licensee, provide
a list of tasks that the seller's or landlord's limited agent
intends to perform for the buyer or tenant (customer).
Offers Sellers Agency
1. Explain buying process from buyers & sellers position
2. Review purchase agreement & explain clauses
3. Provide an estimate of closing costs based on contract
4. Assist in the transaction until closing
5. Perform the terms of the listing agreement
6. Present all offers to seller
A limited dual agent may disclose any information to
one client that is gained from the other, if the information
is relevant to the transaction or the client, except, a limited
dual agent cannot disclose the following without the
informed written consent of the client to whom the
information pertains:
1) the buyer or tenant is willing to pay more than the
purchase price or lease rate offered;
2) the seller or landlord is willing to accept less than
the asking price or lease rate;
3) the motivating factors for any client buying, selling
or leasing; or
4) a client will agree to financing terms other than
those offered.
The limited dual agent cannot disclose to one client
any confidential information about the other unless
required by statute or rule or if failure to disclose would
constitute fraudulent misrepresentation.
Offers Dual Agency