Real Estate Agency Disclosure
Real Estate Relationships Explained
All REALTORS® are required to explain the nature of their relationship with all parties whom they contact in connection with a Real Estate transaction. This is often referred to as "Agency Disclosure" since the REALTOR® must establish and disclose whether you will be their "Client" or their "Customer". There are substantial differences in the duties owed and the services provided to Clients and Customers, and you should be familiar with your options before committing to either.
Real Estate Agent Definitions
Agent: While the term "Agent" is not specific to
the Real Estate industry, most Real Estate Salespeople, Brokers and REALTORS act as Agents when conducting business. An Agent is commonly defined as any person who represents another person in a business transaction.
Fiduciary: A person in a position of trust and confidence who must put the interests of another person (their client) above all others.
Client: Often referred to as a Principal, a Client is a person who asks an Agent to act on his or her behalf during the purchase, sale, exchange or rental of a property or business. An Agent owes their clients full fiduciary duties, such as loyalty, confidentiality, accountability, duty of care, obedience to all lawful instructions, and full disclosure of all pertinent facts.
Customer: A customer is a person who has not retained an Agent to work on his or her behalf. While a customer does not enjoy the fiduciary duties and benefits of the Client-Agent Relationship, they are nevertheless entitled to be treated fairly, honestly and with due care at all times.
We serve the following greater Washingtong DC and Maryland area communities:
Our real estate agents help you search thousands of homes, town homes and condominiums for sale in Potomac, North Potomac, Rockville, Bethesda, Chevy Chase, Kensington, Wheaton, Silver Spring, Gaithersburg, Germantown, Olney, Urbana, Clarksburg, Frederick, and Damascus MD.
