Terms

TERMS AND CONDITIONS OF USE
Welcome to the Locate Real Estate website at www.locaterealestate.com.
Locate Real Estate is a Licensed Real Estate Brokerage. Locate Real Estate (“LRE”, “Broker”, or “we”) provide Locate Real Estate” web site (the “Web Site”) and related services to you (“User”), subject to the following terms and conditions of use (“Terms and Conditions”). Please read the Terms and Conditions carefully before accessing or using the Web Site. By accessing or using the Web Site, you agree to be bound by the Terms and Conditions. If you do not agree with the terms and conditions, you may not access or otherwise use the web site. The Terms and Conditions of Use are required to complete registration but are not a binding commitment to work with a Locate Real Estate (LRE) agent. By registering with LRE I am not obligated to work with LRE.
ELECTRONIC VERIFICATION I verify that my answers to the above questions are true. By clicking on the “Submit” button below, I intend and consent to its use as an electronic signature, equivalent to my handwritten signature as provided under applicable federal and state law. This electronic signature shall only apply to the answers to the above questions and Terms of Use and incorporated Affiliated Business Arrangement Disclosure.
DEFINITION OF TERMS
“Locate” means Locate Real Estate, the full-service and internet real estate service operated by Locate Real Estate LLC, a New York corporation.
“Agent” or “Real Estate Agent” means a real estate broker, salesperson, agent, associate broker, or similar state licensed real estate professional.
“Buyer” or “Home Buyer” means a person who is buying or considering purchasing a property.
“Seller” or “Home Seller” means a person who is selling or considering the sale of a property.
“Client” is a User that has completed the registration process and has agreed to these Terms of Use.
“Prospective Purchaser or Seller” is an individual that expressed an immediate and genuine interest in the sale or purchase of real property.
“User” means a person who is either a Buyer or a Seller who accesses the Website and otherwise utilizes the services of Locate.
“Website” means Locate Real Estate’s Internet website currently located at the URL address www.locaterealestate.com.
PRIVACY
Please review our Privacy Policy, which governs the protection and use of any personal information you may provide to us. Our full privacy policy may be viewed below.
COPYRIGHT
All content on this Web Site, including sales and rental listings, text, graphics, photographs, logos, images, audio clips, video clips, digital downloads, and data compilations (the “Content”) is the property of Broker, its clients or its third party content suppliers and licensors and is protected by United States and international copyright laws. All software used on this site is the property of Broker or its software suppliers and is protected by United States and international copyright laws.
TRADEMARKS
The names Locate Real Estate and Locate and its related logos, are registered trademarks of Distributed Real Estate Corporation. They may not be used in conjunction with any product or service which is not offered by Broker, is likely to cause confusion among customers, or in any manner that disparages or discredits Broker. Any other trademarks not owned by Broker that appear on this Web Site are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Broker. No other trademarks or logos on this site may be used or copied without the consent of their owners.
SCOPE OF USE
This Web Site and its Content, including the rental and sales listings on it (the “Listings”), is solely intended to assist individual customers and real estate brokers in contacting Broker and its agents concerning Listings and other services of Broker. You may not contact a Listings’ Owner or sponsor directly. You may not sell, copy, distribute, license, transfer, publish, display, link to or display on another website, transmit, download, store, post, enter into a database or in any way exploit the Content, including the Listings, in whole or in part. You may not frame the Content or otherwise incorporate the Content, in whole or in part, into another website. No person, including without limitation any real estate broker or real estate professional, may market or make commercial use of Broker’s Listings or Content in any way, including without limitation, advertising Broker’s Listings, copying Broker’s Listings for its own commercial use or use on other websites or in marketing materials, or contacting directly Broker’s customers or the Listings’ owners or sponsors. Any real estate broker who uses an individual Listing for its customer must first enter into Co-Brokerage Agreement with Broker.
You may not use this website for any unlawful purpose or one forbidden by these Terms and Conditions, including without limitation any discriminatory defamatory or obscene use. You may not: (a) take any action that imposes an unreasonable or disproportionately large load on the Web Site’s infrastructure, including but not limited to “spam” or other such unsolicited mass e-mailing techniques; (b) disclose or use the assigned confirmation numbers and/or passwords for any unauthorized purpose; (c) attempt to decipher or reverse engineer the software or HTML code comprising or in any way making up a part of the Site; (d) use any robot, spider, intelligent agent, other automatic device or manual process to search, monitor or copy Web pages, or the Content, except, that generally available third party browsers such as Google, Netscape Navigator and Microsoft Internet Explorer may be used without permission.
No one may use any Content or Listing in violation of the rules of Real Estate Board of the City of New York, the New York State Department of State, the New York State Department of Banking, or any other federal, state, or local law or regulation. Any such improper action is expressly prohibited by law, and may result in civil and/or criminal penalties. Violators will be prosecuted to the full extent of the law.
REGISTRATION
To register as a Client, the User must be eighteen (18) years of age or older.
USE OF WEBSITE
Users of the Locate Website agree to the following: a) The User must be a prospective purchaser or seller of real property in the geographic areas where Locate is licensed and operating with a bona fide interest in the purchase or sale of such real property; b) The User must (a) provide true, accurate, and current information; (b) maintain and update this information and ensure that it remains true, accurate, and current. By registering, the User consents to receive personalized emails, telephone calls and/or faxes from Locate; and c) Any User that holds any type of real estate license, including, but not limited to a brokers, associate brokers or salespersons license must immediately advise Locate by telephone, facsimile, email or chat before that User may access any password protected material including house listing data or other data compilations. Locate reserves the right to deny or terminate access to any Real Estate Agent at its discretion, except for those real estate agents who are using one of the five designed agent review accounts.
USE OF WEBSITE CONTENT
You may download, view and print a single copy of any other content, solely for your personal and non-commercial purposes, subject to the restrictions set forth in this Agreement. All right, title, and interest in and to the Locate website and any other content appearing on the Locate website, will remain the exclusive property of Locate and its licensors. Except as expressly permitted in this Agreement, you may not reproduce, modify or prepare derivative works based upon, distribute, sell, transfer, publicly display, publicly perform, transmit, or otherwise use the Locate website, or any other content appearing on the Locate website. You may not copy or modify the HTML code used to generate web pages on the Locate website. You may not use the Locate website, or any other content appearing on the Locate website, on or in connection with any other website, for any purpose.
WEBSITE CONTENT
Locate provides a variety of information and a number of tools on its website to assist you. Client comments and feedback posted on the Consumer Blog and Consumer Home Feedback (collectively referred to herein as the “Consumer Comment Section”) portions of the Locate website are from our clients who have elected to post feedback or an opinion on the Locate website. While these comments are available to those wishing to view them, they do not reflect Locate’s opinion nor does Locate endorse or guarantee the accuracy of the statements in any such posting. Clients should be aware that Locate does not contribute to the content contained in the Consumer Comment Section, and only offers the Consumer Comment Section as a forum for discussion among third parties.
WEBSITE CONTENT SUBMISSION
By contributing or submitting any content to be posted on the Consumer Comment portion of the Locate website, you warrant that you are the author and owner of the intellectual property rights thereto, and you grant Locate a worldwide, perpetual, irrevocable, royalty-free, transferable right and license to use, copy, modify, delete in its entirety, adapt, publish, translate, create derivative works from and/or sell and/or distribute such materials and/or incorporate such materials into any form, medium or technology without compensation to you. In addition, you warrant that all “moral rights” that you may have in those materials have been voluntarily waived by you. None of the materials shall be subject to any obligation of confidence on the part of Locate, its agents, subsidiaries, affiliates, co-brand partners or other partners and their respective directors, officers and employees. Locate reserves the right to change, condense or delete any content on the Locate website that Locate deems, in its sole discretion, to violate the content guidelines or any other provision of this Agreement.
You agree that you shall not post any information: a) that is known by you to be false, inaccurate or misleading; b) that infringes any third party’s copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; b) that violates any law, statute, ordinance or regulation (including, but not limited to, those governing export control, consumer protection, unfair competition, anti-discrimination, fair housing or false advertising); c) that is, or may reasonably be considered to be, defamatory, libelous, hateful, racially or religiously biased or offensive, unlawfully threatening or unlawfully harassing to any individual, partnership or corporation; d) for which you were compensated or granted any consideration by any third party; e) that includes any information that references addresses, email addresses, contact information or phone numbers; or e) that contains any computer viruses, worms or other potentially damaging computer programs or files. In addition, you agree to comply with Locate’s Site Rules, which are deemed to be incorporated into this Agreement. You retain all ownership rights to information, text, graphics, or other materials you publish on the Locate website. However, we can reproduce, publish and distribute all or teaser portions of your content online and offline and permit others to do the same.
CLIENT AGREEMENTS AND REPRESENTATIONS
Locate Clients agree to the following: a) Client agrees to provide his/her own access to the World Wide Web (“www”) and pay any fees associated with such access; b) Client represents and warrants that he/she has not signed any agreement with a real estate broker or agent that would prevent the client from using Locate as his or her sole and exclusive agent. Client does not have a contract or agreement with any third party that would interfere with Locate’s representation of client; c) Client agrees to limit their online search to houses or properties within their anticipated purchase ability or price range and to the properties that meet their other criteria; d) Client agrees that he or she will not contact the owner/seller of any property from information gained through the website. The Client will not attempt to enter the property or speak with an owner/seller without an appointment set by Locate; e) Client agrees to abide by all copyright restrictions placed on the content of the Locate site including, but not limited to, any material or data compilations where Locate, LLC or others hold the copyright; f) The Client agrees that Broker may also represent other prospective buyers seeking to purchase properties that may meet Client’s criteria; g) Client authorizes Locate to review and provide copies of various documents in the transaction to the Client. This includes, but is not limited to home inspection reports and closing papers; and h) Client agrees to immediately notify Locate in the event that the Client enters into agreement with another broker.
CLIENT OPT OUT
Locate Clients who do not want their properties to be linked to the Locate Consumer Home Feedback feature can opt out of having this link shown for their property by taking the following steps: Send an email to optout@locaterealestate.com and state that you do not want your listing to be eligible for Consumer Home Feedback.
HOME DATA
All home data provided is for the personal, sole and private, non-commercial use of the Client and not available for redistribution, retransmission or copying. The Client may not sell or use the website data for any purpose, other than the purpose of attempting to evaluate houses or properties for sale or purchase. User acknowledges that the individual residential listing service (RLS), which supplies the listing data, owns such data and User acknowledges the validity of the RLS’s copyright to such data.
TERMINATION
Locate reserves the right to terminate User and/or Client access to the Website and/or cease doing business with any person who uses profanity, obscenity, vulgarity or offensive, threatening, unlawful, harmful, harassing, tortious, defamatory, libelous, invasive, hateful, abusive or otherwise objectionable language, behavior or conduct in any manner towards any Locate employee, agent, contractor or customer, on the Website, in emails, in telephone conversations or messages, in writing, or in person. Additionally, Locate reserves the right to refuse to do business with any person in Locate’s discretion, consistent with local, state and federal fair housing and other laws.
OTHER RULES
You agree to comply with Locate’s Site Rules, which are incorporated into this Agreement, and with all laws and regulations applicable to your access and use of Locate’s website and publishing your content. You may not harvest personal data (including email addresses) from the Locate website, and specifically you may not use email addresses displayed on our sites to ask users to join or contribute to your services. We have the right to investigate and prosecute violations of any of the above to the fullest extent of the law. We may involve and cooperate with law enforcement authorities in prosecuting users who violate the terms of this Agreement. You acknowledge that Locate has no obligation to monitor your access to or use of the Locate website, but has the right to do so for the purpose of operating the Locate website, to ensure your compliance with this Agreement, or to comply with applicable law or the order or requirement of a court, administrative agency or other governmental body. Unless we explicitly agree otherwise in writing, you may not use any automated means (such as scripts) to access the Locate website or collect information from it.
NO WARRANTIES
All information and Content on the Web Site is provided to Users on an “as is”, “as available”, and “believed accurate” basis without warranty of any kind either express or implied, including but not limited to the implied warranties merchantability, fitness for a particular purpose, non-infringement or availability. All information is subject to errors, or change or withdrawal without notice. For all Listings which are subject to offering plans filled with Department of Law of the New York State Attorney General’s Office or any other regulatory agency, reference must be had to the terms and conditions of such offering plans and all information and Content herein is subject to the terms of the particular project’s offering plan. Broker does not warrant or make representations regarding the results that may be obtained by using the Web Site or as to the reliability, accuracy or currency of any information, content or service acquired by use of the Web Site. Listings may be withdrawn from the market at any time and are subject to errors, omissions, and prior sale or rental without notice. Broker does not warrant that the Web Site, its servers, or e-mail transmitted by Broker is free of viruses or other harmful components. Content may be updated, changed, modified, or withdrawn at any time. Use of the Web Site and the Content is at your sole risk. Neither Broker, the Content providers, or any person involved in the creation, production, distribution of this Web Site warrant that the functions contained in this Web Site will be uninterrupted or error-free, that defects will be corrected, or that the server that makes the Content available will be free of viruses or other harmful components. This disclaimer of liability applies to any damages or injury caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft, or destruction or unauthorized access or, alteration of or use of record in connection with the use or operation of this service, whether for breach of contract, tortious behavior, negligence or any other cause of action.
LIMITATION OF LIABILITY
To the extent permitted by applicable law, neither Locate nor any of its officers, directors, investors, employees, contractors, agents, successors, assigns, vendors, affiliates, or content or service providers shall be liable to Client, User or any other third party for any direct, indirect, incidental, special, punitive or consequential damages arising out of the use of this service or inability to gain access to or use this service or out of any breach of any warranty, even if Locate has been advised of the possibility of such damages.
INDEMNIFICATION
By choosing to use the Locate website, you agree to indemnify Locate, its officers, agents, partners, directors, affiliates, and employees from and against any and all claims or damage, including reasonable attorney’s fees, made by third parties due to, or arising out of Content you choose to submit, post or transmit through Locate; or of your use of or connection to the Locate website; your violation of these Terms and Conditions; or, your violation of any rights of another.
INTEGRATION
This Agreement, Locate’s Site Rules (which is incorporated herein by reference) constitute the entire Agreement, and supersede any other Agreements or understandings (oral or written), between you and us with respect to their subject matters.
ACKNOWLEDGEMENT OF CONSUMER-BROKER RELATIONSHIP
By agreeing to these Terms of Use, Client acknowledges entering into a lawful consumer-broker relationship as may be defined under state law.
THIRD PARTY RIGHTS
These Terms and Conditions are for the sole benefit of Broker, its officers, directors, employees, affiliates, and agents. No other person, including any user of the Web Site, shall have the right to assert a claim under these Terms and Conditions.
MODIFICATIONS TO TERMS OF USE AND CONTENT
Locate reserves the right, in its sole discretion, to modify, alter or otherwise update these Terms and Conditions at any time. By using this Web Site after Broker has posted notice of such modifications, alterations or updates, you agree to be bound by such revised Terms and Conditions. In addition, Broker reserves the right to make improvements and/or changes in the Content of the Web Site at any time.
VIOLATIONS OF TERMS AND CONDITIONS OF USE
Broker reserves the right to seek all remedies available at law and in equity for violations of the Terms and Conditions set forth in this Web Site, including the right to block access from a particular Internet address to the Web Site. You agree that in the event the damages of a violation of these Terms and Conditions are difficult to determine, Broker shall be entitled to $20,000 as liquidated damages for each violation of these Terms and Conditions, in addition to the right to block your access to the Web Site and to seek injunction relief.
ERRORS AND DELAYS
Broker is not responsible for any errors or delays in responding to a request form or other registration form caused by an incorrect e-mail address provided by you or other technical problems beyond our reasonable control.
LINKED INTERNET SITES
As a customer service, Broker may offerlinks to other sites. Broker does not assume any responsibility for those sites or their privacy policies and provides those links solely for convenience of Broker’s visitors. If you link to any other sites, you must do so at your own risk and may rely only on their terms and conditions and privacy policies. The inclusion of any link does not imply a recommendation or endorsement by Broker of the linked site.
DISPUTES
This Website is owned and operated by Broker from offices in New York, New York. Broker may be contacted by mail at 200 Riverside Blvd., Suite 33E, New York, New York 10069; and by phone at 866.340.2005. Any claims relating to the Web Site must be brought in the state or federal courts of the State and County of New York and shall be governed by the laws of the State of New York. All parties waive any right to request a trial by jury.
AGREEMENT TO TERMS
By agreeing to these Terms of Use, User acknowledges that they have read this Agreement and the Locate Site Rules and agree with the terms set forth therein.
DIGITAL MILLENIUM COPYRIGHTS ACT PROCEDURES
If you believe that your work has been copied in a way that constitutes copyright infringement, or your intellectual property rights have been otherwise violated, please provide our Copyright Agent the following information: a) A physical or electronic signature of a person authorized to act on behalf of the owner of the copyright or other intellectual property; b) Identification of the copyrighted work claimed to have been infringed; c) Identification of the material that is claimed to be infringing or to be the subject of infringing activity, including its location on the site; d) Your address, phone number, and email address so that we may contact you; e) A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; and f) A statement by you, under penalty of perjury, that (i) the information in the notification is accurate, and (ii) you are the owner of the copyright or other intellectual property or authorized to act on behalf of the owner. Locate’s Agent for notice of claims of copyright or other intellectual property infringement may be reached in the following ways: By mail: Locate Real Estate LLC, 200 Riverside Blvd., Suite 33E, New York, NY 10069; By phone: (866) 340.2005; and By email: team@locaterealestate.com
NEW YORK CUSTOMERS:
NEW YORK STATE DISCLOSURE FORM FOR BUYER AND SELLER
THIS IS NOT A CONTRACT
New York State law requires real estate licensees who are acting as agents of buyers and sellers of property to advise the potential buyers and sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales associates.

Throughout the transaction you may receive more than one disclosure form. The law requires each agent assisting in the transaction to present you with this disclosure form. A real estate agent is a person qualified to advise about real estate. If you need legal, tax or other advice, consult with a professional in that field.
Disclosure Regarding Real Estate Agency Relationships
Seller’s Agent
A seller’s agent is an agent who is engaged by a seller to represent the seller’s interest. The seller’s agent does this by securing a buyer for the seller’s home at a price and on
terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
Buyer’s Agent
A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interest. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.
Broker’s Agents
A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer agent’s buyer. The broker’s agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the broker’s agent. The buyer and the seller therefore do not have vicarious liability for the acts of the broker’s agent. The listing agent or buyer’s agent do provide direction and instruction to the broker’s agent and therefore the listing agent or buyer’s agent will have liability for the acts of the broker’s agent.
Dual Agent
A real estate broker may represent both the buyer and seller if both the buyer and seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller. An agent acting as a dual agent must explain carefully to both the buyer and seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.
Dual Agent with Designated Sales Agents
If the buyer and seller provide their informed consent in writing, the principals and the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyer’s agent representing the interests of and advocating on behalf of the buyer and the designated sales agent for the seller will function as the seller’s agent representing the interests of and advocating on behalf of the seller in the negotiations between the buyer and seller. A designated sales agent cannot provide the full range of fiduciary duties to the buyer or seller. The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales agents before agreeing to such representation.
This form was provided to me by Olympia Hostler of Locate Real Estate, LLC, a licensed real estate broker acting in the interest of the:

( ) Seller as a (check relationship below) (X) Buyer as a (check relationship below)
( ) Seller’s agent (X) Buyer’s agent
( ) Broker’s agent ( ) Broker’s agent
( ) Dual agent
( ) Dual agent with designated sales agent
If dual agent with designated sales agents is checked: is appointed to represent the buyer; and is appointed to represent the seller in this transaction.
I/We acknowledge receipt of a copy of this disclosure form:
Electronic signature of {X} Buyer(s) and/or { } Seller(s)
NEW JERSEY CUSTOMERS:
CONSUMER INFORMATION STATEMENT ON NEW JERSEY REAL ESTATE RELATIONSHIPS
In New Jersey, real estate licensees are required to disclose how they intend to work with buyers and sellers in a real estate transaction. (In rental transactions, the terms “buyers” and “sellers” should be read as “tenants” and “landlords,” respectively.)
1. AS A SELLER’S AGENT OR SUBAGENT, I, AS A LICENSEE, REPRESENT THE SELLER AND ALL MATERIAL INFORMATION SUPPLIED TO ME BY THE BUYER WILL BE TOLD TO THE SELLER.
2. AS A BUYER’S AGENT, I, AS A LICENSEE, REPRESENT THE BUYER AND ALL MATERIAL INFORMATION SUPPLIED TO ME BY THE SELLER WILL BE TOLD TO THE BUYER.
3. AS A DISCLOSED DUAL AGENT, I, AS A LICENSEE, REPRESENT BOTH PARTIES. HOWEVER, I MAY NOT, WITHOUT EXPRESS PERMISSION, DISCLOSE THAT THE SELLER WILL ACCEPT A PRICE LESS THAN THE LISTING PRICE OR THAT THE BUYER WILL PAY A PRICE GREATER THAN THE OFFERED PRICE.
4. AS A TRANSACTION BROKER, I, AS A LICENSEE, DO NOT REPRESENT EITHER THE BUYER OR THE SELLER. ALL INFORMATION I ACQUIRE FROM ONE PARTY MAY BE TOLD TO THE OTHER PARTY.
Before you disclose confidential information to a real estate licensee regarding a real estate transaction, you should understand what type of business relationship you have with that licensee.
There are four business relationships: (1) seller’s agent; (2) buyer’s agent; (3) disclosed dual agent; and (4) transaction broker. Each of these relationships imposes certain legal duties and responsibilities on the licensee as well as on the seller or buyer represented. These four relationships are defined in greater detail below. Please read carefully before making your choice.
SELLER’S AGENT
A seller’s agent WORKS ONLY FOR THE SELLER and has legal obligations, called fiduciary duties, to the seller. These include reasonable care, undivided loyalty, confidentiality and full disclosure. Seller’s agents often work with buyers, but do not represent the buyers. However, in working with buyers a seller’s agent must act honestly. In dealing with both parties, a seller’s agent may not make any misrepresentation to either party on matters material to the transaction, such as the buyer’s financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose.
Seller’s agents include all persons licensed with the brokerage firm which has been authorized through a listing agreement to work as the seller’s agent. In addition, other brokerage firms may accept an offer to work with the listing broker’s firm as the seller’s agents. In such cases, those firms and all persons licensed with such firms are called “sub-agents.” Sellers who do not desire to have their property marketed through sub-agents should so inform the seller’s agent.
BUYER’S AGENT
A buyer’s agent WORKS ONLY FOR THE BUYER. A buyer’s agent has fiduciary duties to the buyer which include reasonable care, undivided loyalty, confidentiality and full disclosure. However, in dealing with sellers a buyer’s agent must act honestly. In dealing with both parties, a buyer’s agent may not make any misrepresentations on matters material to the transaction, such as the buyer’s financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose.
A buyer wishing to be represented by a buyer’s agent is advised to enter into a separate written buyer agency contract with the brokerage firm which is to work as their agent.
DISCLOSED DUAL AGENT
A disclosed dual agent WORKS FOR BOTH THE BUYER AND THE SELLER. To work as a dual agent, a firm must first obtain the informed written consent of the buyer and the seller. Therefore, before acting as a disclosed dual agent, brokerage firms must make written disclosure to both parties. Disclosed dual agency is most likely to occur when a licensee with a real estate firm working as a buyer’s agent shows the buyer properties owned by sellers for whom that firm is also working as a seller’s agent or subagent.
A real estate licensee working as a disclosed dual agent must carefully explain to each party that, in addition to working as their agent, their firm will also work as the agent for the other party. They must also explain what effect their working as a disclosed dual agent will have on the fiduciary duties their firm owes to the buyer and to the seller. When working as a disclosed dual agent, a brokerage firm must have the express permission of a party prior to disclosing confidential information to the other party. Such information includes the highest price a buyer can afford to pay and the lowest price a seller will accept and the parties’ motivation to buy or sell. Remember, a brokerage firm acting as a disclosed dual agent will not be able to put one party’s interests ahead of those of the other party and cannot advise or counsel either party on how to gain an advantage at the expense of the other party on the basis of confidential information obtained from or about the other party.
If you decide to enter into an agency relationship with a firm which is to work as a disclosed dual agent, you are advised to sign a written agreement with that firm.
TRANSACTION BROKER
The New Jersey Real Estate Licensing Law does not require licensees to work in the capacity of an “agent” when providing brokerage services. A transaction broker works with a buyer or a seller or both in the sales transaction without representing anyone. A TRANSACTION BROKER DOES NOT PROMOTE THE INTERESTS OF ONE PARTY OVER THOSE OF THE OTHER PARTY TO THE TRANSACTION. Licensees with such a firm would be required to treat all parties honestly and to act in a competent manner, but they would not be required to keep confidential any information. A transaction broker can locate qualified buyers for a seller or suitable properties for a buyer. They can then work with both parties in an effort to arrive at an agreement on the sale or rental of real estate and perform tasks to facilitate the closing of a transaction. A transaction broker primarily serves as a manager of the transaction, communicating information between the parties to assist them in arriving at a mutually acceptable agreement and in closing the transaction, but cannot advise or counsel either party on how to gain an advantage at the expense of the other party. Owners considering working with transaction brokers are advised to sign a written agreement with that firm which clearly states what services that firm will perform and how it will be paid. In addition, any transaction brokerage agreement with a seller or landlord should specifically state whether a notice on the property to be rented or sold will or will not be circulated in any or all Multiple Listing System(s) of which that firm is a member.
YOU MAY OBTAIN LEGAL ADVICE ABOUT THESE BUSINESS RELATIONSHIPS FROM YOUR OWN LAWYER.
THIS STATEMENT IS NOT A CONTRACT AND IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY.
PLEASE PRINT AND RETAIN A COPY OF THIS AGREEMENT FOR YOUR RECORDS.