Dual agency exists when the same Broker-in-charge is representing the buyer and the seller in the same transaction. Note that I said Broker-in-charge, not a real estate agent. You may find that one real estate agent is representing the seller and another real estate agent is representing the buyer, but, if both real estate agents work for the same broker-in-charge, it will be a dual agency transaction. Dual agency is legal in South Carolina as long as there is informed and written consent from all parties prior to entering into negotiations.

The critical aspect of dual agency that must be understood is that the broker-in-charge owes both buyer and seller the same fiduciary duties consisting of loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting. Except under dual agency, some of these duties are limited. The duties that will be limited included loyalty, obedience and disclosure. Although some duties are limited, they are limited to both the buyer and seller. In essence, both buyer and seller will receive the same amount of representation as the other. The key duty that will never be limited to either party is confidentiality. For example, the agent may know the seller is willing to take less than the listing price, but the agent cannot tell the buyer client. Or the agent may know the buyer client may be willing to pay more than the offered price, but the agent cannot tell the seller client.

In January 2005, South Carolina passed a law making DESIGNATED AGENCY legal. This is a new option available to real estate consumers if they are not comfortable with Dual Agency. In the cases where one real estate agent would be representing both the buyer and the seller, occasionally one or both parties may not be comfortable with the situation. The party uncomfortable with this situation can request designated agency. By doing so, the Broker-in-charge will designate another real estate agent from within the office to represent the buyer while the original real estate agent will continue to represent the seller. This way, both the buyer and seller will have exclusive representation by their own real estate agent. Although designated agency is still a form of dual agency since the Broker-in-charge is still representing buyer and seller, it does allow for exclusive representation for the buyer and seller. Real estate agents are prohibited by law to discuss confidential information among each other. So buyers and sellers will have their confidential information protected.

Are you interested in getting your SC real estate license or broker license? Learn how to get started in a Career in Real Estate today.

Designations in Real Estate are so often overlooked. Education can make all the difference the world. Knowledge is everything!! If you want to succeed in the world of real estate, you need to continue to educate yourself. Designations will help you increase your skills, knowledge, and productivity. There are several designations that are available to all Realtors. Here are several designations that are available for you to further your knowledge in real estate:

ABR -Accredited Buyer Representative

The Accredited Buyer Represenative is the largest Association of Real Estate Professionals. This designation focuses on all aspects of Buyer Representation.

ABRM – Accredited Buyer Representative Manager

The Accredited Buyer Representative manager designation is geared toward brokers, owners, and managers who wish to incorporate buyer representation.

CRS – Certified Residential Specialist

The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education.

e-PRO – e-PRO Internet Professional

The e-PRO Certification Course is an educational program unlike any other professional certification or designation course available, comprehensive and Interactive. It is sponsored by the NATIONAL ASSOCIATION of REALTORS® and is specifically designed to help real estate professionals thrive in the competitive world of online real estate.

GRI – Graduated Institute Realtor

The GRI designation is considered the nation’s number one real estate designation. This designation is available only to members of the local, state and National Association of REALTORS®.GRI is recognized nationwide as the standard for real estate professionalism and knowledge.

CBR – Certified Buyer Representative

CBR® is the first nationally recognized buyer agency designation. The course is sponsored by REALTOR® Boards and Associations throughout the United States. REALTORS® with the CBR designation have the street skills necessary to both help buyers find their desired property and to help them negotiate for that property in a non-adversarial manner.

Over the next few months, look for these designations to be discussed in more detail. We will go over what each designation is and why it is important to you as a Realtor.