62-13-405. Written disclosure. (a) If a licensee personally assists a prospective or seller in the purchase or sale of a property and the buyer or seller is not represented by this or any other licensee, the licensee shall verbally disclose to the buyer or seller the licensee's facilitator, agent, subagent or designated agent status in the transaction before any real estate services are provided. Prior to the buyer signing a contract the law further requires a disclosure form signed by the buyer disclosing that he/she is aware that you represent the seller. Buyers have a right to expect professional service from the agent and have their requests for public information promptly fulfilled. The exclusive buyer representation agreement would be single agency relationship with a buyer. 1260-02-.36 in the TREC law rules lists three items that such an agreement must advise and confirm in writing with a buyer. 1260-02-.36 EXCLUSIVE BUYER REPRESENTATION AGREEMENTS. An exclusive representation agreement is an agreement in which a licensee is engaged to represent a buyer in the purchase of a property to the exclusion of all other licensees. When entering into any such agreement a licensee must advise and confirm in writing to such buyer the following: (1) that the should make all arrangements to view or inspect a property through the licensee and should not directly contact other licensees; (2) that the buyer should immediately inform any other licensee the buyer may come into contact with (for example, at an open house) that he or she is represented by the licensee; and (3) whether the buyer will owe a commission in the event the buyer purchases a property without the assistance of the licensee through another licensee or directly from an owner. Authority: T.C.A. § 62-13-203, 62-13-401, 62-13-402, 62-13-404 and 62-13-405. This rule does not indicate requirements with other buyer agency relationships, only with exclusive buyer agency relationships. Single agency relationships with the buyer, the agent’s primary duty is to find property suitable for the buyers needs and their fiduciary responsibility is to the buyer. 62-13-405 above would apply to buyer representation the same as it does to seller agency representation. There are a few agencies in Tennessee that offer only representation of buyers and no representation to sellers.
62-13-405. Written disclosure. (a) If a licensee personally assists a prospective or seller in the purchase or sale of a property and the buyer or seller is not represented by this or any other licensee, the licensee shall verbally disclose to the buyer or seller the licensee's facilitator, agent, subagent or designated agent status in the transaction before any real estate services are provided. Prior to the buyer signing a contract the law further requires a disclosure form signed by the buyer disclosing that he/she is aware that you represent the seller. Buyers have a right to expect professional service from the agent and have their requests for public information promptly fulfilled. The exclusive buyer representation agreement would be single agency relationship with a buyer. 1260-02-.36 in the TREC law rules lists three items that such an agreement must advise and confirm in writing with a buyer. 1260-02-.36 EXCLUSIVE BUYER REPRESENTATION AGREEMENTS. An exclusive representation agreement is an agreement in which a licensee is engaged to represent a buyer in the purchase of a property to the exclusion of all other licensees. When entering into any such agreement a licensee must advise and confirm in writing to such buyer the following: (1) that the should make all arrangements to view or inspect a property through the licensee and should not directly contact other licensees; (2) that the buyer should immediately inform any other licensee the buyer may come into contact with (for example, at an open house) that he or she is represented by the licensee; and (3) whether the buyer will owe a commission in the event the buyer purchases a property without the assistance of the licensee through another licensee or directly from an owner. Authority: T.C.A. § 62-13-203, 62-13-401, 62-13-402, 62-13-404 and 62-13-405. This rule does not indicate requirements with other buyer agency relationships, only with exclusive buyer agency relationships. Single agency relationships with the buyer, the agent’s primary duty is to find property suitable for the buyers needs and their fiduciary responsibility is to the buyer. 62-13-405 above would apply to buyer representation the same as it does to seller agency representation. There are a few agencies in Tennessee that offer only representation of buyers and no representation to sellers.
2017-2018-core-course-complete.docx