Utah Agent Agreement
Description
How to fill out Agent Agreement?
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FAQ
Utah law requires real estate licensees to use this form. Buyer and Seller, however, may agree to alter or delete its provisions or to use a different form.
A real estate agent can, with the prior written consent of the buyer and seller, represent both the buyer and seller in the same transaction (?Limited Agent?).
Legally speaking, a dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.
Which States Ban Dual Agency? Wyoming, Alaska, Vermont, Colorado, Florida, Maryland, Texas and Kansas ban or severely limit the practice of dual agency. While other states have not made it illegal to have dual agency, they have created many limitations on the power a dual agent has.
As far back as 1917, in the case of Glenn v. Rice, the California Supreme Court held that undisclosed dual agency is grounds for rescission of the contract, even if the broker acted in good faith and there was no injury to either party. The broker can also lose commissions if there is a failure to disclose.
Anytime a principal broker agrees to represent a client in exchange for compensation in a Utah real estate transaction, the broker and the client must have a written contract defining the terms of their relationship. This written contract is known as a brokerage agreement.
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.
Agency roles (and the laws surrounding them), vary from state to state. Dual agency in California is legal when it is properly disclosed, both parties consent to the arrangement, and the agent(s) don't disclose confidential information to the other party. In some other states it is not legal under any circumstances.