One of the concepts that has become prevalent in the real estate industry over the last couple of decades is "agency". It's always been around either through its presence or its absence, but as state law has developed over the years, agency has become more complicated. There are more kinds of agency, and the laws pertaining to it are more specific.

The basic premise is, as always in regulated professions, to protect the consumer. Consequently, disclosures regarding agency are now required before a buyer looks at a property for sale, before a seller lists their property, and the same applies for rentals in some states. The idea is to help the consumer, especially the first timers, understand their rights under the law and the protections and benefits being afforded them by agency representation.

We will cover the various types of agency and their benefits in the upcoming installments, not in the legal sense, because I'm not an attorney; but from the point of view of a licensee and REALTOR. Stay tuned and see what it means to have an agent represent you in a real estate transaction.