Agency Relationship is defined as “where the client is represented by the agent and the agent acts on the clients behalf.”

A client is someone who is represented in writing by an agent.  A customer is an unrepresented party. 

So exactly how does this affect you?  You have a right to know whom, if anyone is actually representing you.  By knowing this, you can control at least your side of confidentiality and fairness.  When it comes time to negotiate money and terms, you want to know that you have someone with your interests at heart and not one agent trying to help both sides.

The Nebraska Real Estate Commission’s form, (Disclosure of Brokerage Relationships) is a form that the commission requires all agents, clients and customers to fill out and sign at the earliest significant moment.  This document states who is being represented and who is not. 

So know who is on your side, it will benefit you in the long run!

The form also details the duties of an agent who is representing a client and I will talk about these duties in my next column.

Tell me what you think about agency relationships.  You can email questions and comments to: Wendy@mwlco.net.