MD & DC Agency Rules
I.Types of Agency
- Seller’s Agents – Seller’s Agent, Intra-Company Agent for Seller and Cooperating Agent
- Buyer’s Agents – Presumed Buyer’s Agent, Buyer’s Agent, Intra-Company Agent for Buyer
- Seller’s Agents – Seller’s Agent, Designated Representative for Seller, Sub-Agent (working with Buyer) and Dual Representative.
- Buyer’s Agents – Buyer’s Agent, Designated Representative for Buyer, and Dual Representative
II. Required Disclosures
- MD – first scheduled face to face meeting – GCAAR Form #1003
- DC – “prior to providing specific real estate assistance” Form # 1002
- Capacity – could change mid stream or after disclosure
- Dual Agency
- Consent and Affirmation GCAAR Form #1004
- Might have multiple forms or list multiple properties
- Dual Representation is not an option
- Consent for in GCAAR Form #1001
- Confirmation of Dual Agency GCAAR Form #1002
- Dual Representation (licensee) v. Designated Representation (Broker)
- Brokerage Agreements
- Disclosures do not create brokerage agreements.
- No presumption of Buyer Agency in DC.