Agent Relationships

A REALTOR can work in several different capacities with a client or customer. The following describes different agency relationships available in the state of Missouri. It is important that you know the type of relationship you are engaged in with a real estate licensee. Without having a written agreement, you should not assume that the agent is working for you as he/she may represent the seller of a listed property.

Buyers Limited Agent
Duty to perform the terms of the written agreement made with the buyer or tenant, to exercise reasonable skill and care for the buyer or tenant and to promote the interests of the buyer or tenant with the utmost good faith, loyalty and fidelity in the purchase or lease of property. Information given by the seller/landlord to a licensee acting as a Buyers or Tenants Limited Agent will be disclosed to the buyer/tenant. 

Sellers Limited Agent Designated Agent
Duty to perform the terms of the written agreement made with the seller or landlord, to exercise reasonable skill and care for the seller or landlord, and to promote the interests of the seller or landlord with the utmost good faith, loyalty and fidelity in the sale, lease, or management of property. Information given by the buyer/tenant to a licensee acting as a Sellers or Landlords Limited Agent will be disclosed to the seller/landlord. 

Sub-Agent(Agent of the Agent)
Owes the same obligations and responsibilites as the Sellers or Landlords Limited Agent, or Buyers or Tenants Limited Agent.
Disclosed Dual Agent
With the written consent of all parties, represents both the seller and the buyer or the landlord and the tenant. A Disclosed Dual Agent may disclose any information to either party that the licensee gains that is material to the transaction. A dual agent may not disclose information that is considered confidential, such as:
Buyer/Tenant will pay more than the purchase price or lease rate
Seller/Landlord will accept less than the asking price or lease rate
Either party will agree to financing terms other than those offered
Motivating factors for any person buying, selling or leasing the property
Terms of any prior offers or counter offers made by any party. 

Designated Agent
Acts as your specific agent, whether you are a buyer or tenant, or seller or landlord. When the broker makes this appointment, the other real estate licensees in the company do not represent you. There are two exceptions with both resulting in dual agency:
1. The agent representing you as a buyer or tenant is also the agent who listed the property you may want to buy or lease.
2. The supervising broker of two designated agents becomes involved in the transaction. 

Transaction Broker
Does not represent either party, therefore, does not advocate the interest of either party. A transaction broker is responsible for performing the following:
• Protect the confidences of both parties
• Exercise reasonable skill and care
• Present all written offers in a timely manner
• Keep the parties fully informed
• Account for all money and property received
• Assist the parties in complying with the terms and conditions of the contract
• Disclose to each party of the transaction any adverse material facts known by the licensee
• Suggest that the parties obtain expert advice.  

A transaction broker shall not disclose:
• Buyer/Tenant will pay more than the purchase or lease price
• Seller/Landlord will accept less than the asking or lease price
• Motivating factors of the parties
• Seller/Buyer will accept financing terms other than those offered.  

A transaction broker has no duty to:
• Conduct an independent inspection of, or discover any defects in, the property for the benefit of either party.
• Conduct an independent investigation of the buyer’s financial condition.