Which agreement typically outlines the rights and responsibilities of a real estate agent?

The agency agreement is the document that specifically outlines the rights and responsibilities of a real estate agent. This agreement establishes the relationship between the agent and the client, detailing the agent's duties to act in the best interests of the client. It includes provisions regarding fiduciary responsibilities, such as loyalty, confidentiality, and full disclosure.

In the context of real estate, the agency agreement typically specifies how the agent will represent the client in various transactions, whether it be selling a property or helping a buyer navigate the market. It sets clear expectations regarding what services the agent will provide, how they will be compensated, and the duration of the relationship.

While the listing agreement is concerned with the specifics of selling a property, such as asking price and marketing strategies, it does not thoroughly address the broader scope of the agent’s responsibilities as defined in the agency agreement. Similarly, the purchase agreement and lease agreement are focused on the terms of buying or renting a property rather than the outlines of the agent’s role and responsibilities. Thus, the agency agreement is the most comprehensive document for delineating the rights and obligations of a real estate agent.