IB REALTOR
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Disclosure Regarding Real Estate Agency Relationships
Before you disclose confidential infonnation to a real estate licensee regarding a real estate transaction. you should understand what type of agency relationship you have with that Jicensee. A real estate transaction is a transaction involving the sale or lease of any legal or equitable interest in real estate consisting of not less than 1 or not morc than 4 residential dwelling units or consisting of a building site for a residential unit on either a lot as defined in section 102 of the land division act. 1967 PA 288. MeL 560,102. or a condominium unit as defined in section 4 of the condominium act, 1978 PA 59, MeL 559.104. (1) An agent providing services under any service provision agreement owes, at a minimum, the following dwies to the client: (a) The exercise of reasonable care and skill in representing the client and can'ying out the responsibilities of the agency relationship, (b) The perfolmance of the terms of the service provision agreement. (c) Loyalty to the interest of the client. (d) Compliance with the laws, rules, and regulations of this stale and any applicable federal statutes or regulations. (e) Referral of the client to other licensed professionals for expert advice related to material matters that are not within the expertise of the licensed agent. (f) An accounting in a timely manner of all money and property received by the agent in which the client has or may have an interes t. (g) Confidentiality of all information obtained within the course of the agency relationship, unless disclosed with the client's permission or as provided by law, including the duty not to disclose confidential infonnation to any licensee who is not an agent of the client. (2) A real estate broker or real estate salesperson acting pursuant to a service provision agreement shall provide the following senices to his or her client: (a) When the real estate broker or real estate salesperson is representing a seller or lessor, the marketing of the client's property in the manner agreed upon in the service provision agreement. (b) Acceptance of delivery and presentation of offers and counteroffers to buy, sell. or !ease the client's property or the property the client seeks to purchase or lease. (c) Assistance in developing, communicating, negotiating, and presenting offers, counteroffers, and related documents or notices until a purchase or lease agreement is executed by all parries and all contingencies are satisfied or waived. (d) After execution of a purchase agreement by all parties, assistance as necessary to complete the transaction under the terms specified in the purchase agreement. (e) For a broker or associate broker who is involved at the closing of a real estate or business opportunity transaction furnishing, or causing to be furnished, to the buyer and seller, a complete and detailed closing statement signed by the broker or associate broker showing each party all receipts and disbursements affecting that party, Michigan law requires real estate licensees who are acting as agents of sellers or buyers of real property to advise the potential sellers or buyers with whom they work of the nature of their agency relationship.
SELLER'S AGENTS
A seller's agent, under a listing agreement with the seller, acts solely on behalf of the seller. A seller can authorize a seller's agent to work with subagents, buyer's agents andlor transaction coordinators, A subagent of the seller is one who has agreed to work with the listing agent, and who, like the listing agent, acts solely on behalf of the seller. Seller's agents and their subagents will disclose to the seller known information about the buyer which may be used to the benefit of the seller. Individual services may be waived by the seller through execution of a limited service agreement. Only those services set forth in paragraph (2)(b). (c). and (d) above may be waived by the execution of a limited service agreement.
BUYER'S AGENTS
A buyer's agent, under a buyer's agency agreement with the buyer, acts solely on behalf of the buyer, A subagent of the buyer is one who has agreed to work with the buyer's agent with who, like the buyer's agent, acts solely on behalf of the buyer, Buyer's agents and their subagents will disclose to the buyer known infolmation about the seller which may be used to benefit (he buyer.
Individual services may be waived by the buyer through execution of a limited service agreement. Only those services set fonh in paragraph (2)(b), (c), and (d) above may be waived by the execution of a limited service agreement.
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