Buyers Agent: A Buyer’s Agent works solely on behalf of the Buyer and owes duties to the Buyer which include the utmost good faith, loyalty and fidelity. The Agent will negotiate on behalf of and act as an advocate for the Buyer. The Agent must disclose to potential Sellers all adverse material facts concerning the Buyer’s financial ability to perform the terms of the transaction and whether the Buyer intends to occupy the property. A separate written Buyer Agency agreement is required which sets forth the duties and obligations of the parties.

Transaction Broker: A Transaction-Broker assists the Buyer or Seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a Transaction-Broker and a Transaction-Broker does not owe those parties the duties of an agent. However, a Transaction-Broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreements. A Transaction-Broker must also make the same disclosures as agents about adverse material facts concerning a property and of a buyer’s financial ability to perform the terms of a transaction and whether the Buyer intends to occupy the property. No written agreement is required.

Dual Agent: A dual agent is a broker who: with the written informed consent of all parties to a contemplated real estate transaction, is engaged as a limited agent for both the Seller and Buyer. A written dual agency/addendum is required (e.g., Dual Agency Addendum)