A guide to the real world of real estate agency in New Brunswick, Canada.

Your Real Estate Agency Charter Of Rights

NEVER assume that a licensed Agent is acting on your behalf unless you have made the necessary arrangements for the Agent to be your Agent. And please understand that "Agent" includes all managers and salespersons licensed under the Agent. Factoid - The Code of Ethics and Standards of Business Practice used by the New Brunswick Real Estate Association requires disclosure of the Agency role at the earliest possible opportunity.

When buyers engage their own Agent, the Agent is obligated to obtain the property at the lowest price and best terms possible.

When sellers engage their own Agent, the Agent is obligated to obtain the property at the highest price and best terms possible.

There are around 100 agent licensees and roughly 800 licensed managers and salespersons employed by the Agent licensees. Licensed Real Estate Agents (through managers, salespersons and unlicensed staff they employ) provide real estate agency services to the Agent's clients. And frankly it is better for both the buyer(s) and the seller(s) in any transaction to have the opportunity to benefit from the full representation of their respective Agents.

Whether you are a buyer or seller, if you so choose, you have the right to the continuous advice, assistance, and undivided loyalty of your own Agent in your real estate dealings. It is your right to make all the business decisions including, especially, the terms upon which you engage an Agent directly or indirectly and precisely how, or even whether, you authorize your Agent to use a Multiple Listing Service®. For examples, you might choose not to offer unilateral sub-agency or you may choose to vary the commission offered to an agent when the agent is acting in double or dual agency.

Property finders/facilitators introduce prospective sellers and buyers who will communicate, negotiate, and contract directly with each other. Property finders/facilitators are not licensed by the Financial and Consumer Services Commission. They are not Real Estate Agents. They owe no loyalty or fiduciary duties to buyers or sellers of real estate. They cannot be relied upon for advice or assistance in negotiations. They are not legally responsible on matters respecting trading in real estate on behalf of others.

A Single Agent (Buyer's Agent or Seller's Agent) represents the buyer or seller in a fiduciary capacity. A Single Agent will represent a buyer or a seller, but never both in the same transaction. Sub-Agents are Agents of the Listing Agency employed by the Principal.

A Dual Agent may offer to represent both the Seller and the Buyer in a real estate transaction with the full knowledge and informed consent of both the Seller and the Buyer. Dual Agency Agreements often do not fully address conflicts in the duties of loyalty, obedience, disclosure and confidentiality. Read dual representation agreements carefully. And remember you have the right to seek independent professional advice BEFORE signing any dual agency agreement.

AGENT - FIDUCIARY

When acting as your Agent, a real estate Agent owes the following fiduciary duties to you, the Principal:

THE SPECIAL VALUE OF FIDUCIARY LOYALTY

A real estate Agent must:

Copyright 2016 - Larry Estabrooks - All rights reserved

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Disclosure of Role - Agency
*The Consumer Affairs Division of the Financial and Consumer Services Commission is responsible for issuing Real Estate Licenses in New Brunswick. An Agent license is issued to the corporate body, partnership or individual who is legally responsible for contracts, financial accountability, advertising, sales representatives and other matters respecting the trading in real estate. (Real Estate Agents Act (R.S.N.B. 2011, c. 215))