Legally speaking, a dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.
Can a Realtor represent themselves as a buyer in California?
As a salesperson, they can represent themselves during the property transaction. Doing so forgoes the help of an agent and lets the investor earn a sales commission. So, when they buy or sell a new property, they can put their commission towards their next big investment.
Does CA allow dual agency?
Dual agency in California is legal when it is properly disclosed, both parties consent to the arrangement, and the agent(s) don’t disclose confidential information to the other party. In some other states it is not legal under any circumstances.
Should I use a transaction broker?
This kind of agent is known as a transaction broker and can be useful in certain situations where a traditional agency relationship is not needed. A big benefit of transaction brokers is that they charge a flat fee instead of a commission, and can potentially save the buyer and seller a lot of money.
Can you represent yourself as a real estate agent California?
Becoming a licensed real estate agent doesn’t do squat if you’re an inactive agent, because you can’t represent yourself or access the MLS database. To keep your status as a real estate agent, you need to work full time or part time with a brokerage.
How to get a real estate broker license in California?
Members of the State Bar of California using equivalent experience should submit a RE 227 Equivalent Experience Verification form outlying this experience along with their broker exam or broker exam/license combination application. Courses must be three semester-units or four quarter-units at the college level.
What is the mission of the California Department of real estate?
The mission of the California Department of Real Estate is to safeguard and promote the public interests in real estate matters through licensure, regulation, education and enforcement.
Can a buyer’s agent work on his own?
A broker can work on his own, but all agents must work for a broker, who acts as a supervisor of sorts. Brokers’ companies, called brokerages, can be large multinational firms or local boutiques, giving agents access to the multiple listing service, insurance, and other tools they need to interact with clients.
Do you have to be a broker to be an agent?
A broker has taken education courses beyond the agent level, and passed a broker’s license exam. A broker can work on his own, but all agents must work for a broker, who acts as a supervisor of sorts.
