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Real Estate News And Advice
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December 5, 2008
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Response To: |
What Will Happen to Agents Without Agency?
(Blanche Evans - 08/23/2000)
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IMPLIED AGENCY!!
Posted By: ReloGuru - 08/23/2000 06:22 PM
The City Council in a place I once lived, passed a law that solved a problem. They knew it was unconstitutional. So what! They also knew that this law would be enforced until it was challenged in court so they did not care that they infringed upon the rights of the citizens for an interim period of time.
In Florida, dual agency has been outlawed and replaced with Transaction Brokerage with it's limited representation, limited confidentiality, limited liability, and no loyalty. A Transaction Broker working with buyers and sellers may do nothing for one to the disadvantage of the other. We do have agency with all its fiduciary responsibility!
The big problem (unrecognized)in Florida is that many Transaction Brokers are practicing IMPLIED AGENCY. Many don't even know that what they do is wrong. Many don't know that they really are in legal jeopardy. They put their verbal spin on the relationship. When they give CMAs, suggest list prices, suggest offer prices, order inspections, give advice to their customers (not clients). That's IMPLIED AGENCY! It's OK to break the law as long as you don't get caught. The seller or buyer is unaware of what is happening.
You can bet it will be the same or even worse in Oklahoma. The Oklahoma legislature seems to be going farther than Florida's did. They must know that agency came to us with the Magna Carta. They must know that AGENCY IS A SACRED TRUST! So scrap it. Perhaps it just a case that they really don't want to know what is is! The public is only the means to an end no matter who gets hurt! What happened to moral integrity?
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