1. Designated Agency
a. Law
i. Passed in 2004
ii. Effective in 2005
1. Massachusetts General Law Chapter 112, Section 87AAA
2. 264 Code of Massachusetts Regulation (CMR) 3.00(13)
2. Required Documents
a. Massachusetts Mandatory Licensee-Consumer Relationship Disclosure
i. Buyer agent showing – FSBO (For Sale by Owner)
ii. Seller’s agent showing property to customer
b. Massachusetts Consent to Dual Agency
c. Notice of Dual Agency
d. Consent to Designated Agency
e. Notice of Designated Agency
f. Disclosure of company business model
3. Types of Agency
a. Designated Seller Agency
b. Designated Buyer Agency
c. Dual Agency
4. Non-Agency
a. Facilitator
5. Types of Offices
a. Traditional Office:
i. May offer the following with Relationship Disclosure:
1. Seller Agency
2. Buyer Agency
3. Dual Agency
4. Facilitator
ii. Open Sales Meetings:
1. Client information exchanged among attending Agents
b. Designated Agency Office
i. Appointing Agent serves as Dual Agent
ii. Each Client represented by an Exclusive Agent 1. “OLD CAR”
iii. No open sales meeting/no client information exchanged among attending Agents
iv. Secure File
1. Written Information Security Program (201 CMR 17)
2. Seller and Buyer files kept in separate and locked file (except for general information, i.e. seller’s plot plans, deeds, MLS listing, etc)
v. Secure fax machine
vi. Online storage access / Documents
vii. Open Houses
1. Designated Seller’s Agent
2. Facilitator
3. Open House Tent Disclosure card
4. Teams
5. Mentors
6. Vacation coverage