Agency Information and Disclosure Form: A form mandated by Kentucky Real Estate Law that must be completed by licensees to notify buyers and sellers of potential agency relationships.

Buyer Agency: The Agency relationship existing between a broker and the buyer where the broker represents the buyer and no one else in the transaction. In this relationship, the broker owes fiduciary duties only to the buyer.

Buyers Representation Agreement: This is the form used to establish the Buyer Agency. Both parties agree to the scope and nature of the representation.

Client: The party in an agency relationship, also referred to as the principal, the party who is representing the buyer or seller.

Customer: The person in a real estate transaction not represented by an agent. There is a state law requirement that an agent treat this relationship fairly and honestly but owes no fiduciary duty.

Dual Agent: A real estate broker that represents both the seller and buyer in a real estate transaction. Both buyer and seller must consent for an agent to be a dual agent. This is done on the Agency Information and Disclosure form.

Fiduciary Duties: Responsibilities that arise in a fiduciary relationship of trust between the agent and the client. Duties owed to the client include loyalty, confidentiality, accounting, care and diligence, obedience to lawful instructions, and full disclosure.

Prospective Party: Under license law it is a person who has spoken to an agent or broker but who has not entered into a brokerage agreement with the agent. The prospective party is declared in the agency disclosures.

Seller’s Agency: An agency relationship in which the agent represent the interests of the seller only and owes fiduciary duty to the seller only.
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