At Tellus Real Estate Solutions, we’ve received reminders from both the Northwest MLS and the Commercial Brokers Association about the updates.
Some of the updates are simply about terminology (a few years ago, agents were called ‘agents’ and broker meant an agent had a more advanced license, a broker’s license. I’m not convinced the current terminology is all that much better. Now, all agents are brokers and the more advanced license is a managing broker’s license (even if that person manages no one).
But there are some more important changes, including clarifying that brokers do NOT own a fiduciary duty (http://en.wikipedia.org/wiki/Fiduciary) to their clients, but their duties are those listed by law.
Northwest MLS Notice
- Ensuring that agency law terminology matched the 2010 real estate licensing law changes,
- Defining when a licensee is dual agent, seller’s agent or buyer’s agent and,
- Defining licensee duties listed in the agency law are statutory obligations
Tellus Real Estate Solutions has made the updated pamphlet available on our site here: http://tellusre.com/wp-content/uploads/2012/11/LawofREalEstateAgency2013.pdf
We encourage you to discuss your agent’s (your broker’s) legal duties and the expectations you each have to make sure that you are both on the same page.