What does limited representation mean in real estate?
Hereof, what is limited representation in real estate?
This kind of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller; providing however, that a licensee should never work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.
One may also ask, what is a transaction licensee in real estate? A transaction licensee is a broker or salesperson who provides communication or document preparation services or performs other acts for which a license is required WITHOUT being the agent or advocate for either the seller/landlord or the buyer/tenant.
Also asked, what does limited agency mean?
disclosed limited agency. "Disclosed limited agency" means a real property transaction in which the representation of a buyer and seller or the representation of two or more buyers occurs within the same real estate business.
What is the difference between dual agency and dual representation?
In most states, dual agency refers to a situation where the same REALTOR® represents both the buyer and the seller in a real estate transaction. The reality of dual agency is that the agent is put in an impossible situation–one where he or she cannot meet the requirements of a REALTOR® serving a client.