Real Estate Sales: What Are an Real Estate Agent’s Responsibilities?
What are the responsibilities of a real estate agent?
If you’ve decided to sell or rent out your apartment, house, or parking space and are looking to work with a real estate agent, this is indeed the best way to ensure that your real estate project goes smoothly—provided you choose the right agency for your needs.
As a professional, the real estate agent is responsible for advising and assisting sellers and buyers—or landlords and tenants—whom the agent brings together, throughout their real estate transaction.
The real estate agent's role is to provide you with comprehensive support throughout the sales process, from estimating the value of your property to negotiating the sale, to signing of the preliminary sales agreement and at the conclusion of the transaction at the notary's office during the signing of the notarized deed. He will be responsible for drafting the real estate listing for you, ensuring it is widely advertised, and, of course, conducting showings of your property.
The Status of Real Estate Agents
The profession of real estate agent may be practiced as a sole proprietor or as part of a corporate structure, but under no circumstances as a self-employed entrepreneur, and requires certain mandatory administrative formalities:
- Hold a professional license (T for “Transaction” and G for “Management”), issued by the president of the regional Chamber of Commerce and Industry (CCI) for a term of 3 years, which requires the real estate agent to meet requirements regarding professional competence and good character.
- obtain a financial guarantee in the event that funds are withheld,
- open an escrow account at a bank if the business requires the collection of installments paid by the buyers,
- have taken out professional liability insurance (RCP)
The real estate agent is required to display this legal notice in all locations where he or she receives clients and to include certain statements on their legal, commercial, and other documents. They are also required to have a detailed, written power of attorney for sale or lease prior to any contact with potential clients, authorizing them to negotiate or make commitments on behalf of the owner or landlord.
The law allows for the delegation of authority, but requires the real estate agent to maintain an up-to-date record of mandates, in chronological order.
Real Estate Agent’s Obligation of Means
The real estate agent has a duty of means, insofar as he must do everything in his power to carry out his mission as soon as the mandate is signed.
