| The Who, How and What of Agency Representation |
| Type of Agent |
Who the Agent Represents |
How Relationship
Established |
Duties of the Agent |
| Listing Agent |
Represents seller |
Signed listing agreement |
Fiduciary or Statutory to seller |
| Buyer Agent |
Represents buyer |
Signed buyer agency agreement (preferred) |
Fiduciary or Statutory to buyer |
Dual Agent
(agent from same company) |
Represents both buyer and seller in same transaction |
Signed listing and buyer agency agreements; signed Conflict of Interest Waiver typically required |
Fiduciary or Statutory to both seller and buyer
(potential for conflict of interest) |
Designated
Agent
(two agents from
same company; designated by broker) |
Represents either seller or buyer |
Signed listing agreement with seller; signed buyer agency agreement with buyer |
Fiduciary or Statutory to either seller or buyer client, whichever agent represents |
Subagent
(agent from another company) |
Represents seller under direction of listing broker |
Accepts role offered in MLS listing (becoming fairly rare today) |
Fiduciary or Statutory to seller |
| Builder Agent |
Represents builder |
Builder’s employees do not have to be licensed to sell the builder’s property |
Responsible to builder under terms of employment contract |
| FSBO (For Sale By Owner) |
No agent involved |
All dealings are between owner and buyer |
Buyer is responsible for own interests; retaining an attorney is recommended |
| Auctioneer |
Contractual responsibility to seller |
Contract with seller |
Sells property at auction according to terms of seller |