The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997. The following summary describes a seller's agent, a buyer's agent, and a transaction broker. Show SELLER'S AGENT The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER The transaction broker is responsible for performing the following duties:
The transaction broker protects the confidences of both parties. If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:
If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party at an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:
The transaction broker has no duty to:
STATEMENT OF REPRESENTATION Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts. BRRETAWhat is an agent called who represents only one person in the transaction?Single Agent. An agent who represents only one person in a transaction (either the buyer or the seller)
What's it called when a licensee performs tasks for but doesn't represent a customer?The buyer would be an unrepresented customer. What can a transaction broker do for a customer? Process paperwork. What's it called when a licensee performs tasks for, but doesn't represent, a customer? Transaction brokerage.
What does ministerial mean in real estate?Ministerial acts" means those acts that a real estate brokerage agency performs for a person who is not a client and that are informative or clerical in nature and do not rise to the level of active representation on behalf of the person.
What's the term for someone who has agency representation with the licensee?A client is a person who establishes an agency relationship with a licensee through a written contract and agrees to be represented by the agent in a real estate transaction. This contract must clearly establish the terms and obligations of both the client and the licensee/firm who becomes the agent.
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