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Real Estate Dual Agency by Mind Map: Real Estate
Dual Agency
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Real Estate Dual Agency

A buyer brokerage or buyer agency is the practice of real estate brokers and their agents representing a buyer in a real estate transaction rather than, by default, representing the seller either directly or as a sub-agent. In the United Kingdom and Australia, the most common term is buying agent. In most U.S. states and Canadian provinces, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since, by most common law of most states at the time, the broker represented only sellers. It is only since the early 1990s that states passed statute law to create buyers' agency. Buyer agency can exist exclusively (where a brokerage firm chooses to only represent buyers and never sellers, as an exclusive buyer agent) or, in a full service company, by offering buyer agency to buyers who become clients. Buyers would have to agree to some form of dual agency in the event that they wished to buy a home which that company has...

Opposing Interests

Labor Union VS Management

A trade union (British English) or labor union (American English) is an organization of workers that have banded together to achieve common goals such as better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members (rank and file members) and negotiates labour contracts (collective bargaining) with employers. This may include the negotiation of wages, work rules, complaint procedures, rules governing hiring, firing and promotion of workers, benefits, workplace safety and policies. The agreements negotiated by the union leaders are binding on the rank and file members and the employer and in some cases on other non-member workers. Originating in Europe, trade unions became popular in many countries during the Industrial Revolution, when the lack of skill necessary to perform most jobs shifted employment bargaining power almost completely to the employers' side, causing many workers to be mistreated and underpaid. Trade...

War us vs. them

Those who support both sides are called traitors, .......................

zero sum game

In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which a participant's gain (or loss) of utility is exactly balanced by the losses (or gains) of the utility of other participant(s). If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus cutting a cake, where taking a larger piece reduces the amount of cake available for others, is a zero-sum game if all participants value each unit of cake equally (see marginal utility). In contrast, non-zero-sum describes a situation in which the interacting parties' aggregate gains and losses are either less than or more than zero. A zero-sum game is also called a strictly competitive game. Zero-sum games are most often solved with the minimax theorem which is closely related to linear programming duality, or with Nash equilibrium. The zero-sum property (if one gains, another loses) means that any result of a zero-sum situation is...

In Real Estate price negotiation is a zero sum game.

Buyer's Agent is Seller's Agent

Buyer Agency Agreements are where a Realtor represents the buyer of real estate. With the advent of "Buyer Agency" (Buyer Brokerage) in the early 1990s as opposed to seller agency, a real estate Agent/Broker agrees and contracts to represent the Buyer in her purchase of a home/property. Buyer Agency Agreements were developed to set out the terms and conditions of this representation. They are similar to the written "Listing Agreements", required between Listing Agents and Sellers (property owners). Buyer Agency Agreements set out the main conditions of the relationship between the Buyer Agent and her Buyer Client including such things as the duration of the agreement, the commission to be earned/paid, and the various rights, duties and obligations of the parties. The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer's best interests, etc.

Coach of team 1 is Coach of team 2 not happening!

C-21 office agent for buyer C-21 office agent for seller

RE/MAX office agent for buyer RE/MAX office agent for seller

Single Agency for Home Buyers

NAEBA.org for Buyers

When your agent asks you to sign a document allowing them to act as a dual agent - JUST SAY NO! Don't share YOUR agent with the seller.

Often, advertising by so called "Buyer Agents" is deceptive because those who represent sellers often do not disclose the potential for dual representation (which precludes real buyer representation) in their advertising.

Information provided by Paul Howard, Broker, NJHomeBuyer.com Realty http://www.SouthJerseyHomes.com