Reference K.S.A. 58-30,110(c)
One commonly used method of disclosure provides for checking appropriate
blanks as illustrated below:
Listing Licensee, (licensee's name) of (brokerage
firm) , is functioning as (mark appropriate response):
___ seller's agent
___ designated seller's agent (supervising broker acts as transaction
broker)
___ transaction broker
Selling Licensee, (licensee's name) of
(brokerage firm) , is functioning as (mark appropriate
response):
___ buyer's agent
___ designated buyer's agent (supervising broker acts as transaction
broker)
___ seller's agent
___ designated seller's agent (supervising broker acts as transaction
broker)
___ transaction broker
Note that the supervising broker of a designated agent always acts as
a transaction broker in any transaction involving the designated agent.
When there is a designated agent for the seller and when the buyer is
represented by a designated agent from a different firm, the supervising
broker of both firms acts as a transaction broker.
EXAMPLES OF DISCLOSURE
*Please note that the following examples include two possibilities
for the selling licensee:
- the selling licensee is in the same firm as the listing licensee
- the selling licensee is in a different firm
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FOR LISTING LICENSEE
seller's agent
The licensee's firm has a written agency agreement with the seller.
A designated agent for the seller was not appointed in the agency agreement.
designated seller's agent (supervising
broker acts as transaction broker) The licensee
was named as the designated agent for the seller in the written agency
agreement with the seller.
transaction broker
This would be a correct choice if:
- the seller's property is listed by the firm as a transaction broker;
or
- the buyer and seller signed a Transaction Broker Addendum, which
amended the firm's agency agreement with the buyer and the firm's
agency agreement with the seller.
Note that a broker may be engaged as a transaction broker by oral or written
agreement with the seller, which is reflected in choice (1) above.
A broker is considered to be a transaction broker unless there is
an agency agreement with one of the parties or the broker is acting
as subagent of the seller.
If the broker has a written agency agreement with the buyer, the selling
licensee would be acting as a buyer's agent or a designated buyer's
agent and would not have a transaction broker relationship with the
seller.
This would be the case when a buyer's agent or a designated buyer's
agent shows a "For Sale by Owner" property to the buyer.
There is no "listing licensee" to be disclosed.
It is recommended that preprinted language in the contract be
stricken and the appropriate disclosure inserted, for example:
(licensee's name) of
(brokerage firm) is
acting as agent for the buyer (or as a designated buyer's agent) with
the duty to represent the buyer's interest. The seller is not represented
by a real estate licensee.
An alternative would be to simply insert "not applicable"
or "the seller is not represented"
in the Listing Licensee block.
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FOR SELLING LICENSEE
If the Selling Licensee is in the Same Firm
as the Listing Licensee
buyer's agent
The licensee's firm has a written agency agreement with the buyer. A
designated agent for the buyer was not appointed in the agency agreement.
This would be a correct choice if:
- the seller is not represented; or
- the listing licensee is a designated seller's agent. All licensees
represent the buyer except the designated seller's agent who represents
the seller and the supervising broker who acts as a transaction broker.
designated buyer's agent (supervising
broker acts as transaction broker) The licensee
was named as the designated agent for the buyer in the written agency
agreement with the buyer. This would be a correct choice if:
- the listing licensee is a designated seller's agent (and not the
same person as the designated buyer's agent); or
- the firm has a written agency agreement with the seller. A designated
agent for the seller was not appointed in the agency agreement. The
supervising broker acts as a transaction broker. All other affiliated
licensees, except the designated buyer's agent, represent the seller.
seller's agent
The licensee's firm has a written agency agreement with the seller.
A designated agent for the seller was not appointed in the agency agreement.
All licensees, including the supervising broker, represent the seller.
The buyer is not represented.
designated seller's agent (supervising
broker acts as transaction broker) The listing
and selling licensee is the same person. The licensee was named as the
designated agent for the seller in the written agency agreement with
the seller. The buyer is not represented.
transaction broker
This would be a correct choice if:
- the seller's property is listed by the firm as a transaction broker
and the buyer is not represented; or
- the seller's property is listed by the firm as a transaction broker
and the broker has a transaction brokerage agreement with the buyer;
or
- the listing licensee is a designated agent for the seller and the
buyer is not represented; or
- the buyer and seller signed a Transaction Broker Addendum, which
amended the firm's agency agreement with the buyer and the firm's
agency agreement with the seller.
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FOR SELLING LICENSEE
If the Selling Licensee is in a Different Firm
(a cooperative sale)
buyer's agent
The cooperating firm has a written agency agreement with the buyer.
A designated agent for the buyer was not appointed in the agency agreement.
designated buyer's agent (supervising
broker acts as transaction broker) The licensee
was named as the designated agent for the buyer in the cooperating firm's
written agency agreement with the buyer. The supervising broker of the
cooperating firm acts as a transaction broker.
seller's agent
The cooperating firm accepted an offer of subagency and represents the
seller. The buyer is not represented.
transaction broker
The licensee is working with the buyer as a transaction broker. The
buyer is not represented.
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