After successfully completing this topic, you will be able to
• list the duties of a single agent,
• explain the procedure for transitioning from a single agent to a transaction broker, and
• describe the requirement for when a single agent is to give the single agent notice.
A single agent is a broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.
The party with whom a real estate licensee has entered a single agent relationship is the principal. Only a single agent can call the customer a principal. A contract is not necessary for a broker to act as a single agent, and there is no requirement that the principal pay compensation to the single agent.
A single agent owes nine specific duties to the principal
The single agent must give the single agent notice before, or at the time of, entering into a listing agreement or an agreement for representation or before showing the property, whichever occurs first. The notice should be signed. If the principal declines to sign it, the licensee should note the fact on the form and may continue to work as the single agent.
It is the broker who has the principal, so it’s the brokerage firm that is the single agent. A licensee who works for the firm is, by extension, a single agent for the same principal. If a brokerage firm lists property for a seller, acting as the seller’s single agent, all members of the brokerage firm are also single agents of the seller.