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- *Agency relationship*: Traditionally, the broker provides a
conventional full-service, commission-based brokerage relationship under a
signed listing agreement with a seller or "buyer representation" agreement
with a buyer, thus creating under common law in most states an agency
relationship with fiduciary obligations. The seller or buyer is then a
client of the broker. Some states also have statutes which define and
control the nature of the representation.
Agency relationships in residential real estate transactions involve the
legal representation by a real estate broker (on behalf of a real estate
company) of the principal, whether that person or persons is a buyer or a
seller. The broker (and his/her licensed real estate agents) then becomes
the agent of the principal.
