Connecticut Licensing Representation Agreement
Description
How to fill out Licensing Representation Agreement?
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FAQ
Sub-agency is illegal in Connecticut. A dual agent is required to act in the best interests of both the seller and the buyer. Dual agency consent can be obtained at the time an agency agreement is signed. A designated agent only represents one party and is not a dual agent.
Connecticut has a law that requires agents and buyers to sign an agreement in order to show a home that is not listed by the agent's brokerage. Agents who do not have buyers sign a representation agreement are breaking the law!
Dual agent A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties' express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.
Representation: A BRA ensures that your real estate agent will work in your best interests and abide by the services listed in your contract. They can handle much of the homebuying process including negotiating, inspecting, and paperwork.
Exclusive Buyers Representation Agreement (EBRA)As is common in Alberta, the seller's brokerage often offers a fee to the buyer's brokerage through the MLS® system, and the EBRA gives the authority from the buyer to have their fee paid by the seller through the transaction.
Real Estate - ReciprocalHave an active license in good standing in the reciprocal state;Passed a written examination in the reciprocal state at the time of obtaining your license;For Salesperson applicants - Sponsoring broker must have an active Connecticut broker license;More items...
For in-house sales, where only one brokerage firm is involved, the brokerage firm can represent both the buyer and seller as a dual agent, provided that this consent is obtained. The forms provide guidance as to what type of disclosures cannot be made in a dual agency relationship.
Sub-agency is illegal in Connecticut. A dual agent is required to act in the best interests of both the seller and the buyer. Dual agency consent can be obtained at the time an agency agreement is signed. A designated agent only represents one party and is not a dual agent.
At the bare minimum, a buyer representation agreement must include a few specific elements. Identify buyer and seller obligations, rights, and duties. Have an expiration date. Disclose any conflicts of interest on the agent's part, like if the agent is showing a property where he already has a listing agreement.