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Learning Center Experience
By Cynthia Waddell, Full-Time Faculty, Kaplan University
Choosing a Real Estate Agent–Part 1 told you a little about the benefits of hiring a
real estate salesperson to assist you in your real estate transactions. Also
important in your choice of agent is to an understanding of the various types
of real estate agents.
I held a real estate salesperson’s license for 5 years,
and the distinction between types of real estate agents was a very important
concept which was covered every year during our required continuing education
the name implies, a real estate agent has an agency relationship with the buyer
or seller. This means they have certain fiduciary duties, depending on their
role as real estate agent. A real estate agent can act as one of three types:
buyer’s agent is a real estate salesperson whose clients are potential
purchasers of properties and this agent represents the buyer only. A seller’s
agent is a real estate salesperson that “lists” homes for sale. This agent’s
fiduciary duty is to the seller only.
third type of agent, the dual agent, represents both the buyer and the seller.
Dual agency may pose potential conflicts of interest. For this reason, dual
agency is illegal in some states. Dual agency can be one of two types. The
first type of dual agent, and the situation that may pose the greatest risk of
conflict of interest, exists when the agent represents both the buyer and the
seller. Here, the agent sells a property he or she has listed to a buyer who is
not represented by another agent. The second type of dual agency exists when
the seller’s agent and the buyer’s agent work out of the same broker’s office. Agents
must disclose dual agency situations to their clients.
estate agents provide many benefits and services in completing real estate
transactions, and a good understanding of the agent’s fiduciary duties to their
clients is essential.
Waddell is a faculty member at Kaplan University. The views expressed
in this article are solely those of the author and do not represent the view of
By Cynthia Waddell, PhD, CPA, CFE
By Geoffrey Vanderpal, Full-Time Faculty
By Richard Carter, PhD
By Stanley W. Self, CFE
By Jerry Taylor
By Rachel Byers, Full-Time Faculty, School of Business
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Access definitions and FAQs related to real estate.
Access definitions and FAQs related to risk and insurance.
Kaplan Real Estate Education's Toby Schifsky looks at the factors to consider when pursuing a real estate career.
Toby Schifsky talks about the importance of goals and action steps for achieving them.
Access preparation and practice advise from Kaplan Financial Education experts Mary Orn and Julie Ramsey.
Maylee talks about her experiences with Kaplan Financial Education and preparing for her exams.
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