Expanding Consumer Choice In The Real Estate Transaction
This bill would expand consumer choice in the real estate transaction by allowing for “designated agency” in situations where both the buyer and seller are represented by agents with the same brokerage.
Currently, buyers and sellers have only one option for single-brokerage representation: “dual agency.”
In a dual agency, every agent who is licensed to represent that brokerage owes an equal obligation of representation and fiduciary duties to both the buyer and the seller. This limits the level of representation that can be provided, and it can be frustrating for some buyers and sellers.
In a designated agency, the buyer is represented by an agent of the buyer’s choosing, and the seller is represented by a listing agent of the seller’s choosing.
A designated buyer’s agent may advocate exclusively on behalf of the buyer, and a designated listing agent may advocate exclusively on behalf of the seller
HF 1112 - Representative Sauke
SF 1020 - Senator Draheim