As a REALTOR® we believe consumers should have as much information as possible, as early as possible, when working with licensees to understand the nature of their relationship with a licensee and the duties and responsibilities that we owe. As such before provide trading services which includes; showing real estate, answering questions other than “general fact based questions” we want to provide you with a Disclosure of Representation in Trading Services form, so that you can make an informed choice on the representation you are seeking. We have also created a video on the Disclosure of Representation in Trading Services form & some FAQ’s.
The Disclosure of Representation in Trading Services form contains two key sections: A) “Know Your Options as a Real Estate Consumer” and B) checklists and signature sections. The purpose of the first section (Know Your Options as a Real Estate Consumer) is to describe to the difference between being represented or unrepresented in a real estate transaction.
This section covers four key points that consumers need to know before entering a real estate transaction:
1. The benefits of working with a licensee
2. An overview of what representation means
Client: In this type of agency relationship, the consumer has engaged a licensee to provide services on their behalf. The licensee will owe the client fiduciary duties including:
- Undivided loyalty
- Avoiding conflicts of interest
- Disclosing material information,
- And protecting confidentiality
3. An overview of what being unrepresented means
Unrepresented party: In this case, the consumer will be in a no agency relationship with the licensee, meaning the licensee is not working on their behalf in a transaction. A licensee may still provide some limited trading services to the consumer including:
- Providing general market information, standard form contracts and other relevant documents, without providing any advice;
- Helping fill out a standard real estate contract (without providing advice on terms or conditions); and
- Presenting offers or counter offers.
4. The difference between designated and brokerage agency, Royal LePage Nanaimo Realty Gabriola practices under Designated Agency.
B) Checklists and signature sections. The purpose of this section is to document that the disclosure has been made to the consumer, and includes:
- a mandatory checklist and name/signature field that as a licensee we have completed.
- an optional checklist and name/signature field that may be completed by the consumer. Our brokerage requires that any time we are providing trading services that the form MUST be completed by the consumer.
Please know that we are here to assist with any question you may have. Once we have answered all your questions and you have determined the nature of the relationship you are seeking, we are happy to make arrangements to have you sign, so that we may begin in providing you real estate services.