Glossary

Definition from the State of Connecticut: “Buyer’s Agent” means a real estate broker or real estate salesperson who acts in a fiduciary capacity for the buyer and/or lessee in a real estate transaction.

When a buyer enters into an agreement for representation with a buyer’s agent, the buyer becomes the buyer’s agent’s client. Buyer’s Agents act solely on behalf of the buyer and owe duties to the buyer, which include the utmost good faith, loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality, accountability, and fidelity. The buyer may authorize the buyer’s agent to contact other brokers, including associates of other real estate firms, to represent the buyer in locating the property as the buyer’s agent. The agent must disclose to sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer’s agreement is required which sets forth the duties and obligations of the parties.

A buyer agent represents the best interests of the buyer. An exclusive buyer agent has fiduciary duties to the buyer, and may not disclose to the seller the highest price the buyer is willing to pay for a property. That agent is also required to keep all other information confidential, other than their client's financial ability to qualify for a house.

Definition from the State of Connecticut: “Seller’s Agent” means a real estate broker or real estate salesperson who acts in a fiduciary capacity for the seller and/or lessor in a real estate transaction. 

When a seller enters into an agreement for representation with a seller’s agent, the seller becomes the seller’s agent’s client. Seller’s Agents act solely on behalf of the seller and owe duties to the seller, which include the utmost good faith, loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality, accountability, and fidelity. The seller may authorize the seller’s agent to contact other brokers, including associates of other real estate firms, to represent the seller in marketing their property as seller’s agents. The agent must disclose to buyers all adverse material facts about the property known by the broker. A separate written listing agreement is required which sets forth the duties and obligations of the parties.

A seller agent represents the best interests of the seller. This agent has fiduciary duties to the seller including keeping the seller informed about comparable prices in their market area, preparing a comparative market analysis for their property, developing advantageous advertising campaigns, and guiding the seller to set an attractive listing price for their home.

Definition from the State of Connecticut: “Dual Agent means a real estate broker or real estate salesperson who acts in a fiduciary capacity for both the buyer and the buyer or lessee and lessor.”

A dual agent may represent both the buyer and seller in the same transaction, provided that such dual agent obtains the informed consent of the parties. The dual agent is then considered a disclosed dual agent and owes the buyer and seller a duty to deal with them fairly and honestly. In this type of agency relationship, the dual agent does not represent either the buyer or seller exclusively, and the parties cannot expect the dual agent’s undivided loyalty. The dual agent may not disclose any confidential information that would provide a negotiating advantage to either party but must provide non-confidential information that each party requests in order to accept the terms of the transaction. Both clients must agree, in writing, that they understand the possible consequences of an agent being unable to maintain confidentiality and loyalty to both clients.