Represent Yourself as a Dual Agent Buyer?

Question

I am considering getting my own license, and was wondering if it is possible to represent myself and a seller on an off-market deal in NC?

This seems like it would be or should be prohibited.

Kyler J Sloan · Answer

@Tony Brown Thanks; this is what I figured, but just wanted to be sure. I have only just started the pre-licensing course.

Steve K. · Answer

@Kyler J Sloan We’re not allowed to practice dual agency at all here in CO due to the potential for a conflict of interest. If dual agency is legal there in NC,  which it is in most states besides CO, when selling your own property and also representing the buyer I would think that would be a clear conflict of interest. I doubt your employing broker would approve because they’d have too much liability. You could represent yourself and let the buyer remain unrepresented, but definitely CYA well with plenty of disclosures. Agents have more to risk in selling their own properties than normal FSBO’s in general because we have an unfair trade advantage over most non-licensed individuals, and we also carry E&O insurance making us a target for ethics violation claims or lawsuits if the transaction goes sideways (not uncommon). A lot of agents actually have colleagues list and sell their properties for them for this reason.

Monica Albers · Answer

Not sure I understand the question.... What do you mean by represent yourself?

In The State of NE.,  In order to earn a commission on RE sales transaction, you have to be licensed agent or broker. Plus... a member of NAR and Local Board Of Realtors, have a Broker, E&O insurance, A supra E-key lock box account to practice Real Estate, Each Brokerage has its fee's and they will differ.

In NE,  I can not adverise a 'off market Listing/Pocket listing"  more then 48 hours before placing it on the MLS. This includes yard signage.  At that point its no longer a off-market.

If you own the home ( maybe thats what you mean by, rep yourself), you have to disclose that you have intrest in the property,like one of the other members had mentioned. You are held to  RE ethics. You can write a,  exclusive agancy listing with the seller. Only your Real Estate Broker office-can sell that property to its in house client base. Its not on the MLS. Maybe this is what you want to make a higer comission. Dual Agents are not leagal in all States. Check with your local Board of Realtor's, Real Estate Commission and NAR for youir local Laws.

This is to the best of my knowledge as of todays date, please conduct your own research. Remember if it feels wrong, it usually is- listen to your gut.  Good Luck getting your RE LIC.

Troy Brown · Answer

Disclose you are a licensed real estate agent representing yourself only in the transaction.  The other party is either unrepresented or can choose an agent to represent them.

Russell Brazil · Answer

Very easy path to an ethics violation.

Jackie Jake · Answer

following