The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997. The following summary describes a seller's agent, a buyer's agent, and a transaction broker. Show SELLER'S AGENT The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER The transaction broker is responsible for performing the following duties:
The transaction broker protects the confidences of both parties. If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:
If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party at an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:
The transaction broker has no duty to:
STATEMENT OF REPRESENTATION Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts. BRRETAWhat is the most common complaint filed against realtors?Most Common Complaints. Incomplete and duplicate contracts.. No permits.. Easement errors.. Mineral rights.. Failure to review or recommend survey.. Contract drafting.. Failure to review title.. Loss of earnest money.. What are ways in which an agency relationship can be terminated?Below are common rules for terminating the agency relationship: Withdrawal by a Party, Termination by the Principal, Renunciation by Agent, Death or Incapacity of Agent, Death or Incapacity or Bankruptcy of the Principal.
What does the phrase the law of agency is a common law doctrine mean?Agency law is the common law doctrine controlling relationships between agents and principals. A principal-agent relationship is created when the agent is given authority to act for the principal.
What is a cooperating agent?A cooperating agent works for a real estate company different from the company for which the seller's agent works. The cooperating agent can assist a buyer or tenant in purchasing or renting a property, but his or her duty of loyalty is only to the sellers or landlords.
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