UT 4.0 hours Valuation, Marketing, and Listings Course Syllabus
4.0 Elective Hours
When you have a listing, it may be common that prospective buyers may contact you. This may arise from a sign call where they saw a "For Sale" sign in the front yard or a visit to an open house. It's very important that you not place yourself in a role of an undisclosed dual agent when contacted about a property. Remember that as the listing representative, you represent the seller. To become a dual agent, you will be required to get the consent of both the buyer and the seller in writing. When contacted by a prospective purchaser, one of the first questions that should be asked of them is if they are being represented by another licensee. If they have a licensee that is representing them, make it clear you are representing the seller ASAP. If they do not have a representative, the chance of undisclosed dual agency is greater.
Basically, you have three choices on how to handle a situation where a buyer has no representation: dual agency (if your state and brokerage allow it), referring the buyer to another agent who can represent them, or represent the seller and have the buyer represent themselves.
Upon completion of this course, the real estate professional will know the options a listing representative has when contacted by a prospective buyer in order to avoid agency conflicts.