Navigating Interactions with Self-Represented Parties under TRESA

In the intricate dance of real estate transactions, the introduction of TRESA brings about nuanced changes in how REALTORS® engage with self-represented parties (SRPs). Let's delve into the key points and guidelines to ensure a smooth interaction.

Understanding Self-Represented Parties (SRPs)

In TRESA's framework, a self-represented party (SRP) refers to an individual not affiliated with any brokerage. For REALTORS®, interactions with SRPs involve specific considerations to avoid unintended agency agreements.

Two Instances of Interaction

  1. General Information: REALTORS® can provide SRPs with general information related to real estate, such as market statistics. This interaction doesn't create an implied agreement between the REALTOR® and the SRP.

  2. Assistance as a Service: REALTORS® can assist SRPs as a service to their clients, like showing a property listed by the REALTOR®'s client. However, it's crucial to note that this assistance is limited to services, not a duty of care. If the SRP wishes to make a purchase, the REALTOR® can guide them through the paperwork but cannot provide advice to avoid unintended agency relationships.

Key Points on Engagement

Per Section 10 of the Code of Ethics under TRESA, REALTORS® are prohibited from providing services, opinions, or advice directly to SRPs. However, assistance may be extended after the SRP:

  • Receives the mandatory RECO information guide.

  • Signs the SRP Acknowledgement Form prepared by RECO.

The REALTOR® representing the brokerage takes responsibility for explaining these documents to the SRP.

SRP Acknowledgement Form: What You Need to Know

  • This form discloses that the brokerage is representing a client in the trade, clarifying relationships.

  • It outlines potential risks arising from assistance provided to SRPs and the permitted types of assistance.

  • Recommends SRPs seek professional advice from another real estate brokerage or lawyer.

  • Requires the signature of the self-represented party.

  • Once executed, REALTORS® must return a copy to the SRP.

In essence, navigating interactions with SRPs involves adherence to TRESA guidelines, ensuring transparency, and providing necessary documentation. By following these protocols, REALTORS® can uphold ethical standards and navigate the evolving landscape of real estate with confidence.

Stay informed, stay compliant, and continue to provide top-notch service in the realm of real estate under TRESA.