Real estate agents Memphis TN are bodies that act as an intermediary between buyers and sellers of estates. An agent can be an individual or an organization that markets the estates of the clients on their behalf.
Real estate agents can be a seller’s agent or a buyer’s agent. When they are acting as sellers’ agents, they help sellers market their property so they can sell them at the best price possible, because the higher the prices, the more the agent and the client earn from the transaction. When they are acting as buyers’ agents, they assist those looking to purchase property at the lowest prices possible. This usually happens through a contract. In some cases a verbal agreement is used, though this can be a disadvantage to both parties as they have no agreements in writing for their mutual protection. A dual agency is a situation where the agent serves the buyers and the sellers at the same time.
Traditionally, a broker represents a seller and he or she owes the seller certain financial duties; in addition, if a broker promises a potential buyer that he or she will negotiate the best possible price, then he or she is working under an undisclosed dual agency, which is illegal. When acting as a dual agency, the broker should disclose this to the people he represents.
This helps him or her to offer the duties of a financial representative to both the client and the customer which include:
The broker should sign a fair and honest deal with the customers and the clients, as this is the main element in any transaction. In the case of a dual agency agreement, the agent should request the customer and the client sign an agreement which will help protect his license.
In most states, one is required to obtain a license before receiving payment for the services rendered during a real estate transaction.
As a real estate agent, it is your duty to give a seller or buyer any and all information. Failure to do this is considered illegal and may result in you losing your license.