After successfully completing this topic, you will be able to list the three duties of a licensee who has no brokerage relationship with a customer.
Licensees can work with customers in a nonrepresentation status. This is often a result of the licensee working with the other party as a single agent. Because it’s important for the person who does not have representation to understand that fact, the licensee must give the person a no brokerage relationship notice before showing a property or entering in to an agreement for representation. The notice spells out the duties of the licensee, and is shown below:
• Dealing honestly and fairly,
• Disclose all known facts that materially affect the value of residential property which are not readily observable to the buyer, and
• Accounting for all funds entrusted to the licensee.