In some jurisdictions, the law does not allow a dual agent to execute a transaction to guard against a biased process. Transaction Agent LicensesĪ transaction agent licence is sought and issued to an agent to enable them to handle cases where the buyer opts for a different agent from the one engaged by the seller. However, if the agent is a fraud, there’s a possibility they may drive up the sale price with their eye on a higher commission. The agent is in a better position to get the best deal for each party since he or she is closely attached to each of them. On the other hand, using a single agent may result in a seamless, expedient process since the entire process is carried out from the same office. There are two sides to this unique situation: on the one hand, there’s a conflict of interest where a single agent represents both the buyer and the seller. The real estate agent may engage the same or different staff. This usually happens when the buyer does not have an agent, or they just want the process to be conducted by the same agency. In such an eventuality, you have to balance the interests of the seller and the buyer. In this case, you represent both the buyer and the seller. Dual Agent LicencesĪs an agent, you may end up handling both processes.
#WHAT ARE THE DIFFERENT TYPES OF LICENSES LICENSE#
A buyer’s license allows you to identify the property, carry out due diligence, negotiate and endorse the property to the buyer. These types of real estate licenses mandate you to handle the property acquisition on behalf of the buyer, from the expression of interest to property acquisition. Buyer’s Agent LicensesĪ buyer’s license is mandatory if you want to act on behalf of the buyer. This licence is sought by agents whose primary role is selling a property. These types of real estate licenses can help you carry out the entire sale process, right from advertising the property and marketing to closure and ultimately overseeing the transfer of the same to the buyer. Contrary to what the name suggests, the licence allows you to do more than place the “for sale” sign on a property. The listing agent acts in the interests of the seller.
Listing Agent LicencesĪ listing agent licence is issued to market and sell a property on behalf of the seller. The following are eight types of real estate licences: 1.
However, due diligence must never be sacrificed on the altar of expediting a sale. It benefits both the buyer and the seller when the agent can execute the entire transaction within a short time-frame. Finding potential buyers, leasing out a property and picking the best property for a customer requires trust and, most importantly, appropriate licensing.Īlthough an agent may not require all these licenses, being licensed in your practice assures a customer that they will get great value for their money. A real estate agent must be licenced to manage, administer or sell a property.
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