Which boxes should I check on the new WWREA form for buyers?

QUESTION: I am confused by the new WWREA disclosure form for buyers. The form says: “Note to Agent: Check all relationship types below that may apply to this buyer.” If I am working as a buyer agent, it seems that I would check Buyer Agency, Dual Agency, and Designated Dual Agency, because I want to work with the buyer in all these capacities. Can you shed any light on this?

ANSWER: The NC Real Estate Commission updated the WWREA forms this past April. There are now separate WWREA forms for buyers and sellers to sign. The old brochures that prospects used to sign are still available, but they have been converted into an informational Q&A with expanded content and visual aids. The website to locate the brochures is provided at the bottom of each of the new WWREA forms.

If your firm is offering buyer agency, dual agency, and designated dual agency to the buyer, then you should check the top three boxes on the new WWREA form. The purpose of the form is to make the buyer aware of what their choices are. The buyer is not making an election or giving permission for dual agency just by signing the WWREA form. Should you sign a buyer agency agreement with the buyer, that is where the buyer will give their specific permission for dual agency or designated dual agency.

If there is any chance you could become a seller subagent with a prospect, you should also check the fourth box. And, if you do become a subagent of the seller, make sure that you have sufficient documentation to show that you have the consent of both the buyer and the seller to perform seller subagency, including a properly executed WWREA form.

© Copyright 2021 - 2023. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.