When you sign a listing or exclusive marketing contract with a real estate broker, the contract designates the particular sales associate that will act as your legal agent to represent you. The listing contract with the broker gives the selling agent certain limited authority to act on your behalf in the marketing and sale of the property. In the marketing of your real estate, the seller's agent acts in the seller's best interest.
An agent is bound by certain legal obligations. Traditionally, these common-law obligations are to:
NOTE: A REALTOR® is held to an even higher standard of conduct under the NAR 's Code of Ethics.In recent years, state laws have been passed setting up various duties for different types of agents. As you start working with a REALTOR®, ask for a clear explanation of your state's current regulations, so that you will know where you stand on these important matters.
REMEMBER: In whatever manner you choose to be represented, the goal is generally the same, that the real estate broker is trying to assist you in the sale or purchase of real estate upon terms acceptable to all parties.
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Guarantee to represent you
Protect seller's bargaining position
Analysis of property value for buyer
Advocate for buyer's best interests
Obey the client's lawful instructions