J T Henderson & Associates LLC Real Estate Brokers (888) 457-4601 ©2013 Licensed in the State of Michigan #6505-331222

Page 16 of 22

More Disclosures
Instructor: John Henderson JT@grar.com

0:24 Minutes

339.2517 Disclosure of agency relationship. (continued)

 

Michigan law requires real estate licensees who are acting as agents of sellers or buyers of real property to advise the potential sellers or buyers with whom they work of the nature of their agency relationship.

  

Seller's Agents

A seller's agent, under a listing agreement with the seller, acts solely on behalf of the seller. A seller can authorize a seller's agent to work with subagents, buyer's agents and/or transaction coordinators. A subagent is one who has agreed to work with the listing agent, and who, like the listing agent, acts solely on behalf of the seller. Seller's agents and subagents will disclose to the seller known information about the buyer which may be used to the benefit of the seller. Individual services may be waived by the seller through execution of a limited service agreement. Only those services set forth in paragraph (2)(b), (c), and (d) above may be waived by the execution of a limited service agreement.

  

Buyer's Agents

  A buyer's agent, under a buyer's agency agreement with the buyer, acts solely on behalf of the buyer. Buyer's agents and subagents will disclose to the buyer known information about the seller which may be used to benefit the buyer. Individual services may be waived by the buyer through execution of a limited service agreement. Only those services set forth in paragraph (2)(b), (c), or (d) above may be waived by execution of a limited service agreement.

  

Dual Agents

A real estate licensee can be the agent of both the seller and the buyer in a transaction, but only with the knowledge and informed consent, in writing, of both the seller and the buyer.

In such a dual agency situation, the licensee will not be able to disclose all known information to either the seller or the buyer.

The obligations of a dual agent are subject to any specific provisions set forth in any agreement between the dual agent, the seller, and the buyer.

  

Licensee Disclosure (check one)

  I hereby disclose that the agency status of the licensee named below is:

  

_____ Seller's Agent

_____ Seller's Agent – limited service agreement

_____ Buyer's Agent

_____ Buyer's Agent – limited service agreement

_____ Dual Agent

_____ None of the above

  

Affiliated Licensee Disclosure (check one)

  _____Only the licensee's broker and a named supervisory broker have the same agency relationship as the licensee named below. If the other party in a transaction is represented by an affiliated licensee, then the licensee's broker and all named supervisory brokers shall be considered disclosed consensual dual agents.

  _____All affiliated licensees have the same agency relationship as the licensee named below.

  Further, this form was provided to the buyer or seller before disclosure of any confidential information.

  

______________________  _____________________

Licensee                        Date

______________________  _____________________

Licensee                        Date

Acknowledgment

  By signing below, the parties acknowledge that they have received and read the information in this agency disclosure statement and acknowledge that this form was provided to them before the disclosure of any confidential information. 

  

___________________________________  _________________

Potential Buyer/Seller (circle one)   Date

___________________________________  _________________

Potential Buyer/Seller (circle one)   Date