Intermediary brokerage, also a agency relationship, occurs in one situation and one situation only: when a represented buyer or tenant is interested in offering on one of the firm's listings. It is the only agency relationship that MUST be in writing, and the broker must follow The Real Estate Licensing Act. Only the broker is the intermediary, and is unable to provide preferential advice or opinion to either party, and must treat all parties fairly, and keep confidential information confidential. The intermediary MAY choose to appoint one or more sponsored licensees to the buyer and one or more to the owner, and those appointed licensees then give advice and opinion to the respective parties.
If I am acting as an intermediary I let them know I can only disclose factual statements regarding the transaction to each party unless another party is offered by the broker to represent the other buyer.
I don't spend more than 5 mins on the conversation I just treat them fairly upfront by telling them who I represent and what I will do with the information they tel me upfront.
The Michael Group