Who are the agents in this transaction? Well, check out section 5 of the Utah Real Estate Purchase Contract (REPC), and you’ll know who exactly represents who!
Do you have full representation or do you have limited agency? This section ensures people know who can talk to who about what.
0:44 – Who represents who. What’s a broker vs an agent?
1:39 – Full agency vs limited agency. If a single agent represents both buyer and seller, that agent can only be a limited agent — that’s limited agency. Also, if two agents from the same brokerage represent the buyer and seller, you STILL have limited agency, because it’s the broker who actually represents the buyer and seller.
2:13- The problem with limited agency.
3:20 – An agent who is “facilitating” a transaction is not the same as and agency fully representing a client. This is call “full” agency or “designated” agency.
4:28 – What about unrepresented buyers and sellers.
5:20 – There’s a “Code of Ethics” violation if the agent bypasses other side’s agent and goes directly to the seller or buyer. The Code of Ethics in question here is the National Association of Realtors (NAR) Code of Ethics. Realtors® are subject to the Code of Ethics, but not all agents are Realtors! Unrepresented buyers and sellers are stacking themselves up against professionals.
6:55 – What’d we learn today?
8:25 – Bloopers.
*No UBs were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.