This form is an Exclusive Agency Agreement. The form provides that the company and agent have agreed to enter into a contract. The company has agreed to appoint the agent as its exclusive agent for the purposes listed in the form.
Arizona Agency Agreement - General
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FAQ
The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee).
Arizona requires the agent or broker to complete the consent to limited representation form when they are going to represent both seller and buyer or landlord and tenant. Arizona has specific laws regarding dual agents and their fiduciary duty to clients.
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
Note that there are two types of agency: (1) actual, either express or implied, and (2) apparent. The relationship of an agent and a principal may also arise by estoppel, necessity or operation of law.
The most common is the Exclusive Right to Sell or Lease Listing Agreement. The means there is an agency agreement between the seller and the broker, granting the broker the exclusive right to represent the seller in the sale or lease of the seller's property.
Agency agreements are contracts that give you the right to participate in a real estate transaction. Depending on the type, you may represent the seller or the buyer, you may be exclusive, or you may be helping the market without specific responsibility to sell a property.
Dual agency is legal in Arizona with certain significant restrictions. Arizona law requires that an agent may not accept compensation from both parties to a transaction without written consent from each. Dual agency must be disclosed in writing or it is not permitted.
Types of agency agreementsExclusive agency agreements. Exclusive agency agreements are commonly used for the sale of residential property.Sole agency agreements. A sole agency agreement is similar to an exclusive agency agreement.General listing / open agency agreement.Multiple listing.Auction agency agreement.
Arizona requires the agent or broker to complete the consent to limited representation form when they are going to represent both seller and buyer or landlord and tenant. Arizona has specific laws regarding dual agents and their fiduciary duty to clients.
