Agency Disclosure Brochure
Limited Dual Agency without
• Can I work with other brokerages during the
Assigned Agents
time of my agreement?
Agency
As a Limited Dual Agent, the brokerage and its
• What happens if I buy or sell on my own?
licensees cannot advocate on behalf of one client
• Under an Agency Representation Agreement,
over the other. The licensees cannot disclose
am I willing to allow the brokerage to
Disclosure
confidential client information regarding
represent both the other party and me in my
negotiations, terms or factors that motivate the
real estate transaction?
buyer to buy, or the seller to sell, or advocate the
Brochure
interests of one party over those of the other. The
brokerage must otherwise promote the non-
When you sign a real estate Purchase and Sale
conflicting interests of both parties, perform the
Agreement, you will be asked to confirm:
terms of the agency agreements with skill and care,
and perform other duties required by law.
1.) This brochure was given to you, and you
have read and understand its contents;
Limited Dual Agency with
2.) The correct agency relationship, if any,
Assigned Agents
between you and your brokerage.
If your brokerage has obtained consent to
represent both parties as a Limited Dual Agent,
Real Estate Licensees Are Not
it may assign individual licensees (“Assigned
Inspectors
Agents”) to act solely on behalf of each party. Your
Assigned Agent has a duty to promote your best
You should not expect the brokerage or its
interests, even if your interests conflict with those
licensees to conduct an independent inspection of
A Consumer Guide
of the other party, including negotiating a price,
the property. You should not expect your agent to
To Understanding
and must maintain your confidential information.
independently verify any statement or
representation made by a buyer, seller, or
Agency Relationships
The Designated Broker of your brokerage must
professional associated with your transaction. If
remain a Limited Dual Agent for both Clients. The
the condition of the property is important to you,
in Real Estate
broker will ensure the Assigned Agents fulfill their
you should hire an appropriate professional, such
duties to their respective Clients.
as an engineer, surveyor, or home inspector.
Transactions
What to Look For in Any Written
If you have any questions about the information in
this brochure, contact:
Specific duties owed by a real estate
Agreement with a Brokerage
brokerage and its licensees to Idaho
consumers are defined by the “Idaho
Any Agency Representation or Compensation
Idaho Real Estate Commission
Real Estate Brokerage Representation
Agreement should answer these questions:
•
(208) 334-3285
Act.” Idaho Code Section 54-2082,
How will the brokerage get paid?
Toll free in Idaho (866) 447-5411
•
TRS (800) 377-3529
et seq.
When will this agreement expire?
•
www.irec.idaho.gov
What happens to this agreement when a
This informational
transaction is completed?
Costs associated with this publication are available
•
from the Idaho Real Estate Commission in accordance
brochure is published by the
Can I cancel this agreement, and if so, how?
with section 60-202, I.C.––July 2009/50k/429.
Idaho Real Estate Commission.
Effective
July 1, 2009
If you enter into a Compensation Agreement, the
Right Now You Are a
These Are Your Agency
brokerage and its agents must also:
Customer
•
Options
Be available to receive and present written
All real estate consumers are “Customers” under
offers and counter-offers to you or from
Idaho law unless a representation agreement is
you.
signed. (A real estate licensee
Agency Representation
working with a customer is called a
The Compensation Agreement is not the same
(Single Agency)
“Non-Agent”.) The law requires all
Remember!
as an Agency Representation Agreement. A
real estate licensees to provide the
Unless you enter a
Compensation Agreement cannot be used to
following “Customer level” services, to
written agreement
change or eliminate
Under “Agency Representation” (sometimes
everyone:
for Agency
any Customer level services.
referred to in real estate documents as “Single
•
Agency”), your Agent may represent you, and
Representation,
Perform necessary and
only you, in your real estate transaction. (This
you will NOT be
customary acts to assist you
represented at all.
You May Become
representation can be modified in writing at a later
in the purchase or sale of real
date.)
estate;
a Client
•
If you are a seller, your Agent will seek a buyer
Perform these acts in good
If a brokerage offers agency representation and
to purchase your property at a price and under
faith and with honesty and reasonable care;
you choose to sign a representation agreement,
terms and conditions acceptable to you and will
•
you will become a “Client”. The brokerage and its
assist with your negotiations. If you make a written
Properly account for money or other property
licensees must act as your “Agent”. They will owe
request, your Agent will seek reasonable proof of a
you place in the licensee’s care;
you the following duties in addition to the basic
prospective purchaser’s financial ability to complete
•
Customer level services required of all licensees:
your transaction.
Disclose “adverse material facts”
to you which are, or should be, within the
• Perform the terms of your agency
If you are a buyer, your Agent will seek a property
licensee’s knowledge. These are facts that
agreement with skill and care;
for you to purchase at an acceptable price and
would significantly affect the desirability or
•
terms and will assist with your negotiations.
value of the property to a reasonable person,
Promote your best interests in good faith,
Your Agent will also advise you to consult with
and facts that indicate to a reasonable person
honesty, and fair dealing;
•
appropriate professionals, such as inspectors,
that one of the parties cannot, or will not,
Maintain the confidentiality of some
attorneys, and tax advisors. If disclosed in writing, a
complete obligations of the contract.
client information, including bargaining
brokerage may represent other buyers who wish to
information, even after the representation
make offers on the same property.
As a Customer, your brokerage will not act
has ended.
as your Agent and is not required to promote
your best interests or keep your bargaining
Limited Dual Agency
information confidential. If you use the services of
Please Note: “Sold” prices of property
a brokerage without a written agreement, you will
“Limited Dual Agency” means the brokerage and its
remain a Customer.
are not confidential information, for
agents represent both the buyer and the seller in
either buyers or sellers, and may be
the same transaction. You may choose Limited Dual
As a Customer, you may be asked to sign a
Agency representation with your brokerage because
Compensation Agreement, a contract that requires
disseminated by your Agent.
you do not want it to be restricted in the search for
you to pay a fee to the broker for some service the
suitable properties or buyers. There are two options
brokerage provides you.
under Limited Dual Agency.
Each brokerage is required to have a written policy describing the types of agency representation it offers.
RECEIPT ACKNOWLEDGED Rev 06/01/09
Your signature below indicates a real estate licensee gave you a copy of the Idaho Real Estate Commission’s “Agency Disclosure Brochure.”
Signing this document does not create an agency relationship or a contractual relationship of any kind.
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