Kansas Agent Agreement
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FAQ
What is a designated broker? A designated broker is a real estate firm owner who oversees business activities, including other brokers, office staff and individual clients. These senior-level staff members hire real estate agents , establish business policies and help set company goals.
Exclusive Buyer Agency Agreement An exclusive arrangement means you're solely represented by one real estate agent and not allowed to hire different agents during the home buying process. This is the most common form of a buyer agency agreement contract.
A single agent is a broker who represents either the buyer or the seller, but not both in the same transaction. While a transaction broker provides a limited form of representation to a buyer, seller, or both during a transaction, but does not represent either in a fiduciary capacity.
Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage.
The seller's agent represents the seller only, so the buyer may be either unrepresented or represented by another agent. The seller's agent is responsible for performing the following duties: promoting the interests of the seller with the utmost good faith, loyalty, and fidelity.
(a) Except when acting as a transaction broker or solely as a seller, buyer, landlord or tenant, a broker shall act only as a statutory agent in any real estate transaction. A licensee shall not act as a dual agent or in a dual capacity of agent and undisclosed principal in any transaction.
To put it briefly: A real estate agent is licensed to help people buy and sell real estate, and is paid a commission when a deal is completed. The agent may represent either the buyer or the seller. A real estate broker does the same job as an agent but is licensed to work independently and may employ agents.
If a designated agent is named, only the designated agent has the duties of a buyer's agent and the supervising broker of the designated agent functions as a transaction broker. A Transaction Broker is not an agent for either party and does not advocate the interests of either party.
