Choosing Your REALTOR®

“Choosing Your REALTOR®”

Roles of the real estate industry

A real estate transaction involves a number of professionals and includes homework for buyers and sellers. Learn everyone’s roles and responsibilities.

Agency relationships—what is a client?

Agency is a legal concept and the root of all Industry Member/client relationships. The law of agency describes agency as a relationship where one party (the Industry Member) accepts responsibility for representing another party (the principal or client) in dealing with a third party.

Common law agency and designated agency

In Nova Scotia, brokerages operate under one of two agency models: Common law agency or designated agency. All service contracts (seller or buyer Brokerage Agreements) are with the brokerage, not with individual Industry Members.

Resolving disputes with an Industry Member

An Industry Member’s role is complicated and involves a high level of responsibility to clients, the Nova Scotia Real Estate Commission, their brokerage and the industry. With such significant Industry Member responsibilities combined with an equally high level of expectation from clients, it is not surprising disputes occasionally arise.

Transaction brokerage—what is client facilitation?

Transaction brokerage occurs when one Industry Member or one brokerage is representing both the buyer and seller in the same transaction. Because the Industry Member and the brokerage have promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.

No agency relationship—what is a customer?

What is the difference between a client and a customer? Does a brokerage have responsibilities to a customer?

Why deal with a licensed person?

Who needs a license to trade in real estate and why is it important to deal with licensed individuals when selling and buying a house?

Feel free to contact me today with any questions you may have and I’ll me happy to help.

© Nova Scotia Real Estate Commission, 2011