RealTown's RealTalk

Would that be another agent in the same brokerage?
Does this buyer
know that he is now dealing with Dual Agency?
__________________________________________________

My buyers know upfront, what they get and what to
expect, starting with our first phone conversation,
followed up in the first e-mail, then in writing when
we get face to face. When they call on one of my
listing, they are told immediately that I can not
represent them on the property as I personally have it
listed. More are referred to agent out of my office,
when referring a buyer, I prefer to send them to an
experienced agent most of our agents are younger, good
agents, but,have been in the business 3 to 4 years.
When presenting a listing, seller knows selling agent
will 99% of the time be representing the buyer, even
in my own office. They know I may also sell their
property myself to a buyer. I have no problem with
disclosure to a buyer or a seller. Do I get to keep
every buyer, no but the most of them. Many times I
list their homes and sell them one of my listings at
the sametime, no problem, they know I wear to entirely
different hats.

Glory Bee Costa ABR, CRS, GRI, E-PRO, SRES
410-745-3241-Home Office
410-310-9081-Cell
http://www.Maryland-WaterFront-Homes.com
E-Mail-Glory@GloryBeeCosta.com
Maryland Counties (Eastern Shore)
Talbot, Queen Anne, Caroline & Dorchester
Prudential Premier Properties - Easton, MD - Associate Broker

At 09:48 PM 2/13/2007, you wrote:
>"Any time you have an in house listing
>being purchased by an in house buyer it is DUAL AGENCY
>for the
>manager (Broker) ..."
>
>Not quite. In Illinois we are a designated agent
>state...I am designated as the agent of the buyer and
>it is NOT dual agency if Terri from my office is the
>designated agent of the seller.
>
>Yes...we both work "under" the same broker...but
>Illinois law does NOT agree with your assertion.
>
>I am a DUAL agent ONLY if I list and sell my listing
>to my buyer clients. That's it.
>
>I seem to remember an old saying: Real Estate is Local.
>
>Cordially,
>
>Eileen Landau

Take one look at you seller listing agreement and tell me who the
principals to the contract are. You, as the agent of the brokerage,
are not named the agent of the seller, your brokerage is. The fact
that you have designated agency in your state does not change the
fact that all contractual agreements are between consumers (buyers
and sellers) and the Brokerage. Any time one brokerage has a
contractual agreement to represent both the buyer and the seller it
is in fact Dual Agency.

tOMe

Thomas A. Early, Master CEBA
425 W. Schrock Rd.
Westerville Ohio 43081
Serving the Greater Columbus Ohio area
TomEarly@BuyersBrokerage.com
http://BuyersBrokerage.com
100% Buyer Representation 100% of the Time
Past President of the National Association of
Exclusive Buyer Agents (NAEBA) http://NAEBA.org
NAEBA: 1-800-786-1570
Buyers Brokerage 1-614-890-2722

At least in Nevada and in some other States it is more complicated than
that. The Broker is conflicted but the Agency is designated to the
designees who are not. Ie there are now two designated agents who are
not conflicted. The broker confers his agency upon the designees. If
the Broker choses to get back into the act he is conflicted and a dual
agent...but the designees are not.

I don't think there is any case law that really makes all this clear.
And until those cases occur we are all skating on thin ice. Then again
it may never be precisely tested in court.

Note that the Canadian implementation I think in Ontario is quite
specific that this is how it works. The Nevada implementation is quite
the other way...quite lacking in any clarity.

Bill and Others:

I find the agency discussion interesting and informative, however,
regardless of what our personal opinions may be, real estate law is
regulated by the individual states. Prior to being critical of one's agency
practice, it might be advisable to consider the state law under which they
practice.

If an Illinois broker practices designated agency, it is regulated by
Article 15 of the Illinois Real Estate License Act. Anyone on this list or
any other that has a problem with Illinois Agency practice is free to take
up the issue with the Illinois House of Representatives and the Illinois
Senate.

Illinois Real Estate License Act
Section 15-50. Designated agency.
(a) A sponsoring broker entering into an agreement with any person for
the listing of property or for the purpose of representing any person in the
buying, selling, exchanging, renting, or leasing of real estate may
specifically designate those licensees employed by or affiliated with the
sponsoring broker who will be acting as legal agents of that person to the
exclusion of all other licensees employed by or affiliated with the
sponsoring broker. A sponsoring broker entering into an agreement under the
provisions of this Section shall not be considered to be acting for more
than one party in a transaction if the licensees specifically designated as
legal agents of a person are not representing more than one party in a
transaction.
(b) A sponsoring broker designating affiliated licensees to act as
agents of clients shall take ordinary and necessary care to protect
confidential information disclosed by a client to his or her designated
agent.
(c) A designated agent may disclose to his or her sponsoring broker or
persons specified by the sponsoring broker confidential information of a
client for the purpose of seeking advice or assistance for the benefit of
the client in regard to a possible transaction. Confidential information
shall not be disclosed by the sponsoring broker or other specified
representative of the sponsoring broker unless otherwise required by this
Act or requested or permitted by the client who originally disclosed the
confidential information.

For those who might be interested, there is a link at my website
ILAcademy.com to the Illinois Department of IDFPR where a copy of the
Illinois Real Estate License Act may be viewed.

Illinois Academy of Real Estate
316 N Lake Street, Aurora, IL
Mike@IllinoisAcademyofRealEstate.com
Blog: http://mikefair.realtownblogs.com
Real Estate Education Since 1979

Terry,

If the State of Illinois considered designated agency
to be dual agency then I'd have my clients sign a dual
agency form. THAT IS NOT REQUIRED...as the State of
Illinois is not classifying Designated Agent as a Dual
Agent.

Now...if in the future there was a problem and my
Broker got involved...then it might be different. So
far, no problems and my Broker sets up an individual
file for each transactions and his assistant makes
sure that all the necessary forms are physically in
the file.

Again, real estate is loco...hmmmmmmmm, local.

Cordially,

Eileen Landau, ABR, CRS, E-Pro
Over 800 Homes Sold!
Realty Executives, Realtors
Naperville Il 60540
www.MoveUptoNaperville.com
www.EileenLandau.com
630-961-2600 & 630-961-2700

You, as the agent of the brokerage,
are not named the agent of the seller says TomE.

Ah TomE...

I am IN FACT, named as the DESIGNATED AGENT OF THE
SELLER. That's what Designated agency is all about.

In our buyer agency agreement, I am named as THE
DESIGNATED AGENT OF THE BUYER.

You need to read our listing agreements TomE. As, I
keep on repeating...real estate is local.

Cordially,

Eileen Landau, ABR, CRS, E-Pro
Over 800 Homes Sold!
Realty Executives, Realtors
Naperville Il 60540
www.MoveUptoNaperville.com
www.EileenLandau.com
630-961-2600 & 630-961-2700

Bill K...

just pulled out one of my listing agreements. Here's
what it says:

5. Seller's Designated Agent: Broker designates and
Seller accepts Eileen Landau as Seller's Designated
Agent, a sales associate affiliated with Broker, as
the only legal agent of the Seller...

I am NOT a dual agent. My broker is not a dual agent.

Got it? Get it? GOOD! (Danny Kaye)

Cordially,

Eileen Landau, ABR, CRS, E-Pro
Over 800 Homes Sold!
Realty Executives, Realtors
Naperville Il 60540
www.MoveUptoNaperville.com
www.EileenLandau.com
630-961-2600 & 630-961-2700

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