Agency
Relationships
Defined
You should
understand the relationship between you and your agent before you prepare to
purchase or sell your home.
In New
Jersey, real estate licensees are required to disclose how they intend to work
with buyers and sellers in a real estate transaction.
Below
are each of those relationships and their definitions. Click on each one for
a more detailed description of each.
- Seller's
Agent or Sub-Agent
A Licensee represents the Seller and all material information supplied to
the licensee by the Buyer will be told to the Seller.
- Buyer's
Agent
A Licensee represents the Buyer and all material information supplied to the
licensee by the Seller will be told to the Buyer.
- Disclosed
Dual Agent
A Licensee represents both parties. However, the licensee may not, without
express written permission, disclose that the Seller will accept a price less
than the listing price or that the Buyer will pay a price greater than the
offered price.
- Transaction
Broker
A Licensee does not represent either the Buyer or Seller. All informatin acquired
from one party may be told to the other party.
- Return
to the Previous Page.
Before
you disclose confidential information to a real estate licensee regarding a real
estate transaction, you should understand what type of business relationsip you
have with that licensee.