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Agent Representation

New Real Estate Representation Laws Effective July 1st, 2005

Real Estate Agents now have even more ways to represent their customers and clients. Your agent is required to discuss all of the options they offer with you during your first face-to-face meeting. Some options are mutually exclusive, so you may need to shop around to find the type of representation you prefer.

One change to the laws regards subagency, which is when a secondary agent is involved in the transaction, but this agent is not bound to the buyer or seller by written contract. The subagent is considered to be working for the primary agent and his/her client. Effective July 1st, an agent representing you must advise you of the risk of vicarious liability when offering subagency. The Board of Registration defines vicarious liability as “…the potential for a seller to be held liable for a misrepresentation or an act or omission of the subagent…”

No matter which agency relationship exists, the agent must disclose all known material defects in the real estate. It is important to note that unless you have a written agreement with your agent, they are not bound to keep your information confidential or to act in your best interests.

In order to obtain the best representation for your situation, be sure to discuss all of the options and ramifications with a knowledgeable Realtor.

For more information, check out these articles and websites:

Who Represents You? (Realtor.com)

Facts for Consumers (Commonwealth of Massachusetts, Office of Consumer Affairs, Division of Professional Licensure)

Massachusetts Association of Realtors

Greater Boston Board of Realtors

Why Choose a Realtor?

When Is A Real Estate Agent A Realtor?

When they are a member of the NATIONAL ASSOCIATION OF REALTORS^® (“NAR”), The Voice for Real Estate^® – the world’s largest professional association. The term REALTOR^® is a registered collective membership mark that identifies a real estate professional who is a member of NAR and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 to today’s 720,000 members. NAR is composed of REALTORS^® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry.

Members belong to one or more of some 1,700 local associations/boards and 54 state and territory associations of REALTORS^®. They can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS^® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America’s property owners, NAR provides a facility for professional development, research, and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

By: National Association of Realtors

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