Single Party Broker, speaks openly to their clients about their personal thoughts and the client (buyer or seller) is vicariously liable for their Broker's actions and the Broker is vicariously liable for the client's actions.
Brokers need to ask themselves, do I want to be liable for the buyer's or seller's actions if they, their clients do something illegal? Especially if you have, a contract w/ that client whos actions are outside the broker's control the broker could end up paying for their clients fraud as a single party broker.
Hope this helps,
The two previous Realtors have answered the question to a tee> Just to let you know I live in Edmond and I know all the neighborhoods in the city: Yes Elaine I would most likely work for you as a Single Party Broker. I will work for you honestly and be truthful on all aspects of the deal: If you do not have a Mortgage Co. I can help you find one.
Please contact me if I can help you in any way;
You can call for references:
ReMax Preferred Properties
405 413 0791
There are few ways for the Buyer to be held liable on Single Party Agreements, but I can give you one example. Once again the listing has a pool. The Seller has a Transaction Broker Agreement with the listing to avoid vicarious liability. Single Pary Buyer sees the house and while in the back looking at the pool they leave the gate open. Neighborhood kid wanders into the back yard and drowns. The Buyer becomes vicariously liable for the 'act or omission' of not properly securing the pool by the associate (Broker). This time the Seller will probably be looking at a legal matter regarding an attractive nuisance.
I want to add that the Single Pary Brokerage agreement is a CONTRACT between the client and Broker. Please pay special attention to section H. The broker will "perform all brokerage activities to the benefit of the party". So it is not an option, but a contractual requirement to operate to the clients benefit. If the Realtor on the other side tells you something that would be a benefit to your client that you would definately pass that along as a Single Party Broker. As a Transaction Broker you would not because you cannot operate to "benefit" your client. As stated in section b of the Transaction Broker disclosure, "treat ALL parties to the transaction with honesty and exercise reasonable skill and care". You must not work to benefit your side or you would be working in a Single Party capacity and that requires a Single Party Agreement.
If the Broker is 'double siding' the deal and one side is Single Party be sure to get the proper disclosures signed.
This is should be covered EXTENSIVELY in your broker training class. It was in mine.