Subagency Flashcards
Subagency
refers to a specific client representation relationship between a property broker or real estate agent and another real estate broker or agent who brings the buyer to the property.
There is not a listing agreement or similar document that must be filled out to begin subagency
Subagency is disappearing.
In some states it is no longer legal to practice subagency. When someone moves to that state, the buyer will have to represent him or herself or hire a buyer’s agent.
A specific client representation relationship between a property broker or real estate agent and another real estate broker or agent who brings the buyer to the property refers to what?
Subagency
By denying other broker’s salespeople in other offices from showing the broker’s listings, the listing broker can lessen what?
Liability within the transaction
To begin subagency, which document must be completed?
There is no document that need be completed.
When showing another company’s listing, the licensee is acting in what capacity?
Either a buyer’s agent or a subagent
The Multiple Listing Service was created originally for what purpose?
The MLS was created when subagency was the only way that brokers could cooperate with each other.
An agent working with a buyer can reject subagency at any time by doing what?
Signing the buyer as a client with a buyer’s agency agreement
Which rule in real estate states that a broker MUST work with a subagent?
There is no rule stating that a broker must work with a subagent.
What problem exists if a buyer remains a customer instead of becoming a client?
If the buyer remains a customer, he or she could wander away from the licensee and begin to work with another one.
The real disadvantage in subagency is to whom and why?
The disadvantage is to the buyer because they have no representation
Usually, an investor works with whom?
The listing agent
What was the major change that came to real estate after seller agency?
Subagency
The seller’s agent and the subagent are not to disclose what?
Confidential information
Subagency exists….
when the buyer is a customer and there are two brokers involved
With Subagency
All fiduciary duties go to the seller-client and the buyer is simply treated fairly and honestly
The seller is at a distinct advantage by having two agents while the buyer has none. The subagent was representing the seller when he or she was showing listings at the office and is representing the seller when showing listings at another office
When showing another company’s listing
the licensee is a subagent or a buyer’s agent
All the salesperson has to do to end subagency is to turn the buyer into a client.
Any time there is an agency relationship
the client is liable for any wrongdoing that the agent does
The real disadvantage in subagency is to the buyer
The buyer has no representation
It takes two different brokers to practice subagency
The seller has his or her listing with one broker and the salesperson working with the buyer-customer is licensed through another broker.
Subagency exists
when the buyer is a customer and there are two brokers involved. Both the listing broker and the subagent are representing the seller.
Many brokers have an office policy that states that they will not allow a subagent to show their listings…
This is to reduce the liability the broker and the seller may have if a subagent makes a mistake when negotiating an offer.
SC
Subagent Commission
BC
Buyer’s agent commission
The agent that is working with the buyer…..
can reject subagency at any time
