Home Buying in Portland>Question Details

Carla Muss-J…,  in Portland, OR

Are All Real Estate Agents "Exclusive" Buyer Agents?

Asked by Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA, Portland, OR Tue Jun 5, 2012

Do you know what an Exclusive Buyer's Agent is? If you're thinking about buying, don't you want to have an agent on your side?

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I honestly didn't know the answer until I read your post Carla. Great for buyers to have a Buyers Agent exclusively when looking for a home. Going out to buy a home and having a true fiduciary is a wonderful business model. I represent buyers in my areas of Los Angeles and being a buyers agent is hard work. I love working with buyers and appreciate your dedication to buyers up in the Portland Oregon real estate market.
1 vote Thank Flag Link Sun Jun 10, 2012
Lana, I believe it was just for conversation since so many lay people read this. No disrespect intended to anyone this may offend but one shouldnt even be in a real estate office if one doesnt know the very last detail of agency relationships.

Back in trhe day when I had to show caves from the back of my dinosaur, I questioned agency. That was 1979 as a new licensee. I immediatly decided that dual agenmcy should not even be legal. How couild it be pulled of? If not for the fact that many in the industry like to 'double end' commissions, dual agency probably wouldnt have ever been allowed. If I fall in your driveway am I going to call your lawyer to represent me? Hardly. I was making my own agency agreements before many states even considered it an issue, and designed a form for doing the real estate and mortgage transactions as a dual agent. Calif DRE legal services called it 'One of the most progressive' stands they had seen. In fact, Oregons current agreement for that is almost a carbon copy of my old one from circa 1982.

Why do I bore you with how great I am? lol. Its just that I could see agency could be a problem. If were a broker with agents, I wouldnt allow them to practice the profession without a TOTAL understanding of the rules/regs/liabilities. Thumbs up to Carla for bringing it up.

Happy sales..
0 votes Thank Flag Link Mon Jun 18, 2012
Thanks for answering Lyudmila. Unfortunately, your answer is INCORRECT. You wrote "Exclusive buyer's agent represents only the buyer in a real estate transaction unless the buyer agrees in writing to allow the agent to also represent the seller."

You have just identified a "dual agent" situation, or what we call a "Disclosed Limited Agent" here in Oregon. Exclusive Buyers Agents DID NOT enter into dual agent/disclosed limited agency relationships. EVER!

An Exclusive Buyers Agents, as defined by NAR is a Realtor(r) who DOES NOT TAKE LISTINGS. they do not work for a brokerage that takes listings and they do NOT represent the seller (not even in a "dual agent" / disclosed limited agency.)

Simply put, an Exclusive Buyers Agent never represents the sellers - directly or in sub-agency. The best form of Buyer Agency is EXCLUSIVE BUYER AGENCY, according to HUD.
0 votes Thank Flag Link Sun Jun 10, 2012
Where it gets tricky is when a buyer approaches and agent to be their "buyers agent", but then they become interested in a listing held by that agent, and suddenly they need to sign an agreement to use the agent despite the fact that s/he also represents the seller. In this case, the agent is acting in a limited capacity for both parties, so s/he is not in a strict fiduciary role with either party because s/he is representing both. Harder to negotiate a price that is best for both sides, so in these cases the agent is more a "go-between" for each side.
0 votes Thank Flag Link Tue Jun 5, 2012
Exclusive buyer's agent represents only the buyer in a real estate transaction unless the buyer agrees in writing to allow the agent to also represent the seller. A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary. If you as a buyer don't feel comfortable working with a broker who also represents the seller it might be best to work with buyer's agent who will represent the buyer only.
0 votes Thank Flag Link Tue Jun 5, 2012
Thanks for answering. Unfortunately, the answer is INCORRECT. An Exclusive Buyers Agents, as defined by NAR is a Realtor(r) who DOES NOT TAKE LISTINGS. An Exclusive Buyers Agent DOES NOT WORK (hang their license) WITH A BROKERAGE THAT TAKES LISTING,

Exclusive Buyers Agents DO NOT TAKE LISTINGS
Exclusive Buyers Agents DO NOT WORK FOR BROKERAGES THAT TAKE LISTINGS
Exclusive Buyers Agent -- NEVER REPRESENT THE SELLER, directly or sub-agency
Exclusive Buyers Agent - NEVER PRACTICE DUAL AGENCY

The best form of Buyer Agency is EXCLUSIVE BUYER AGENCY according HUD. There are never any conflicts of interests OR potential conflicts of interests.

The only way a Realtor can be an "Exclusive Buyers Agent" is if they do not take listings, don't work for a brokerage that takes listings, and they don't practice dual agency.
Flag Tue Jun 5, 2012
And you are asking this of realtors why? Shouldnt you be putting this info out to buyers?
0 votes Thank Flag Link Tue Jun 5, 2012
Nope -- I'm taking a "survey" . . . and it's quite interesting so far ;-)
Flag Tue Jun 5, 2012
All RE agents are not buyers agents, those working with a seller are sellers agents. I rarely see a buyer anymore that does not use a buyers agent.
0 votes Thank Flag Link Tue Jun 5, 2012
The question goes on to define Exclusive Buyers Agents.
Flag Tue Jun 5, 2012
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