Faye Schultz
Sales Representative
Direct Line:
519-221-1188
Crown Realty Services Inc
Brokerage
519-740-6400
480 Hespeler Rd,
Cambridge, ON
N1R 7R9
What does the term Real Estate Agent mean?
That single word, "agent", has great significance and does far more than just designate an individual who holds a real estate license.
The real estate business is governed by a body of law called "the law of agency". The word "agency" refers to the relationship which exists "when one person is employed to act for another".
In real estate, the most common form of agency is established when homeowners employ a real estate broker to act on their behalf to secure a buyer for the property. The term "act on their behalf" is important in that it refers to the broker's responsibility to look after the best interests of the owners.
Once homeowners have listed their home for sale with a broker, the broker becomes their agent. The owners become the broker's client (or principal).
The duties of the broker/agent to the sellers include:
1) loyalty
2) obedience
3) skill, care & diligence
4) disclosure of information
5) and accounting.
These duties are said to be fiduciary in nature, meaning that there exists a trust relationship between the client (the sellers) and the agent (the broker).
The broker, acting as agent, is obligated to be loyal to the best interests of the sellers, and obedient to their objectives (perform brokerage services faithfully to the sellers objectives). The broker is also required to use the highest levels of skill, and to carefully and diligently protect the sellers real estate interests.
The broker's duty of disclosure relates to keeping the client informed. Because the broker's loyalty is to the client, the broker is obligated to disclose any knowledge in his or her possession about potential buyers, their intentions, their abilities to make a purchase, and changes in the real estate market in general. They are also required to provide a complete accounting of their activities, and of the final transaction itself.
This description is simply intended to be a brief overview of agency relationships. If you would like more information about the application of agency to real estate transactions just ask.
House Hunting?
With a single email, you can get all the real estate listing information you need on any MLS property listing you want, regardless of which Real Estate company listed or advertised the home for sale. Check out our Quick Search Program.
Royal LePage
Shelter Foundation
Together we can support our community
Find out how
Recipient of
"Paul Harris Fellow"
