← Glossary
Agents and brokerages
Agency disclosure
A form that tells a buyer or seller who the agent works for. Most states require it at or before the first real conversation about a property.
Also called: agency relationship disclosure, agency form
Related terms
Fiduciary duty
The legal duty an agent owes their client: loyalty, obedience, disclosure, confidentiality, accounting and reasonable care.
Dual agency
One agent or brokerage representing both buyer and seller in the same deal. It needs written consent from both, and some states ban it.
Transaction broker
An agent who helps both sides close a deal without representing either one. Allowed in some states, like Florida and Colorado.
Buyer representation agreement
A contract between a buyer and their agent. It says what the agent does and how they get paid. Since August 2024, MLS rules require one before touring a home.