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Information About Brokerage Service
Before working with a real estate broker, you should know that the duties of a broker depends on whom the broker represents. If you are a prospective seller or landlord (owner), or a prospective buyer or tenant (buyer), you should know that the broker who list the property for sale or lease is the owner agent. A broker who acts as a sub agent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by the law to treat you honestly.
If THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a sub agent by accepting an offer of sub agency from the listing broker. A sub agent may work in a different real estate office. A listing agent or sub agent can assist the buyer but does not represent the buyer and must place the interest of the owner first. the buyer should not tell the agent anything the buyer does not want the owner to know because the owner agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interest of the buyer first. The owner should not tell the buyer's agent anything the owner does not want the buyer to know because the buyer agent must disclose any material information known to the agent.
THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with the North Carolina Real Estate License Law. The broker must obtain the written consent of each parity of the transaction to act as an intermediary. The written consent must state who will pay the broker and in conspicuous bold or underlined print, set forth the broker obligations as intermediary. The broker is required to treat each party honestly and fairly and to comply with the North Carolina Real Estate License Law. A broker who act as an intermediary in a transaction
(1) shall treat all parties honestly:
(2) may not disclose that the owner will accept a price less than the asking price unless authorized in witting by the owner:
(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in witting to do so by the buyer; and
(4) may not disclose any confidential information that a party specifically instructed the broker in witting not to disclose unless authorized in witting to disclose the information or required to do so by The North Carolina License Law or court order or if the information materially relates to the condition of the property.
With the parties consent a broker acting as intermediary between the parties may appoint a person who is license under the North Carolina Real Estate Law and associated the broker to communicate with and carry out instruction of one party and another person who is licensed under that Law and associated with the broker to communicate and carry out instructions of the other party.
If you choose to have a broker represent you,
you should enter into a written agreement with the broker that clearly establishes the broker's obligations. The agreement should state how and by whom the broker the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not have any questions regarding the duties and responsibilities of the broker, you should resolve these questions before proceeding.
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