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Explaining the many specifics of the
different types of real estate agents would require both a bit of time and a
detailed lesson in Real Estate. Short of those, a very brief explanation
might go something like this:
Traditional/Sales Agent,
Listing Agent, Limited Agent, Dual Agent,
Non-exclusive Buyer’s Agent, and Exclusive Buyer's Agent are
headings/titles given to agents that loosely describe the different types of
relationships they have with their clients. The types of client/agent relationships (and the
differences associated with each type) have most to do with who the agent is
responsible to in the course of a real estate transaction--the buyer or the
seller, or, as sometimes happens, both the buyer and the seller. Who exactly
is the agent loyal to?
Until fairly recently, sellers had a bit of an edge over buyers
when it came to representation because, by law, agent loyalty went first to
the seller unless otherwise specified.
See Disclosure Law.
With the advent of
Exclusive Buyer’s Agency,
however, buyers now have the option of choosing an agent loyal only to
them--an agent who represents their best interests alone.
See
NAEBA--National Association of Exclusive Buyer Agents Standards.
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