Agency - in its simplest terms, agency refers to whom the real estate agent (acting through his or her broker) represents in a transaction.

There are three forms of agency:

• Buyers’ agency - real estate agent/broker represent the buyer in a transaction
• Sellers’ agency - real estate agent/broker represent the seller in a transaction
• Dual agency - real estate agent/brokerage represent both parties in a transaction

An agent working in a fiduciary capacity has the duties of loyalty, obedience, disclosure, confidentiality and accounting in his or her dealings with her client.

In Dual Agency situations, both the buyer and seller generally are asked to complete a separate form that explains there are inherent conflict of interest when one agent/broker represents both sides. By signing that form, the buyer and seller are giving consent to limited dual representation.