If you`re in the real estate industry, you may have come across the term “licensee” before. Typically, a licensee is someone who has been granted a license to practice real estate by a governing body. However, there are different types of licensees, and their roles and responsibilities can vary depending on their relationship with buyers and sellers.
One type of licensee is known as a “buyer`s agent.” This is a real estate agent who has entered into an agency agreement with a buyer, meaning they have a legal obligation to represent the buyer`s interests during the home buying process.
But what about a licensee who serves the buyer as a customer, with no agency agreement in place? This type of licensee is typically referred to as a “transactional broker” or a “facilitator.”
As a transactional broker or facilitator, the licensee is not legally obligated to represent the buyer`s interests. Instead, their role is to facilitate the transaction by providing information, answering questions, and helping the buyer navigate the home buying process.
Transactional brokers/facilitators may still provide valuable services to buyers, such as helping them find properties that meet their needs or negotiating the terms of a sale. However, it`s important to understand that they are not acting as an advocate for the buyer and may not be able to provide the same level of support as a buyer`s agent.
It`s also worth noting that the role of a transactional broker/facilitator can vary by state. Some states may require them to provide certain disclosures to buyers, while others may have more stringent requirements for these types of licensees.
In summary, a licensee who serves the buyer as a customer with no agency agreement is typically known as a transactional broker or facilitator. While they can provide valuable services to buyers, it`s important to understand that they are not legally obligated to represent the buyer`s interests and may not be able to provide the same level of support as a buyer`s agent.
