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STANDARD FORM 501
Revised 7/2018
© 7/2020
Agent” in Section 1(f) of Form 580-T and you have checked the “Seller’s (Sub)Agent” box. If attorney/buyer/seller drafted contract,
then Firm has otherwise confirmed its agency status in writing; a STATEMENT OF AGENCY RELATIONSHIPS (Form 540)
completed, signed and attached to an attorney/buyer/seller drafted agreement complies with this requirement. If your Firm is holding
the earnest money deposit, you have signed for receipt of the deposit on the last page of Form 580-T.
If the property being purchased is one to four unit residential property, the mandatory Residential Property and Owners’
Association Disclosure Statement (Form 140) should be obtained from seller and signed by buyer.
COMMERCIAL LEASE AGREEMENT (Form 592-T- for single tenant facilities or Form 593-T- for multi-tenant facilities),
or other attorney/landlord/tenant drafted lease agreement, has been completed and signed by tenant. If attorney/landlord/tenant drafted
lease, then Firm has otherwise confirmed its agency status in writing; a STATEMENT OF AGENCY RELATIONSHIPS (Form
540) completed, signed and attached to an attorney/landlord/tenant drafted agreement complies with this requirement.
Buyer/Tenant has been given copies of all documents.
C. BUYER/TENANT AGENCY CHECKLIST (BUYER/TENANT IS CLIENT)
There are three (3) standard buyer/tenant representation agreements. If the relationship with the buyer/tenant is to be exclusive, then
use the EXCLUSIVE BUYER/TENANT REPRESENTATION AGREEMENT (Form 530); use of this form requires Firm to seek
compensation from the listing broker/seller/landlord, but obligates the buyer/tenant to compensate the Firm in the event the Firm does not
receive adequate compensation from the listing broker/seller/landlord. If the relationship is to be non-exclusive, then use either the
NON-EXCLUSIVE BUYER/TENANT REPRESENTATION AGREEMENT (Client Responsible) (Form 531) which makes the
Client responsible for payment of compensation (although there is an option which asks the Firm to first seek compensation from the
listing broker/seller/landlord), or the NON-EXCLUSIVE BUYER/TENANT REPRESENTATION AGREEMENT (Form 532); use of
this form requires the Firm to seek compensation solely from the listing broker/seller/landlord and does not obligate the buyer/tenant to
compensate the Firm in any way. Any renewals, extensions or revisions to buyer/tenant representation agreements should be made on the
AGENCY AGREEMENT RENEWAL AND/OR AMENDMENT (Form 575).
Client has elected to have exclusive representation and has signed the EXCLUSIVE BUYER/TENANT REPRESENTATION
AGREEMENT (Form 530). Agent has advised Client of Firm’s general company policy regarding cooperation with other firms, the
amount of compensation to be paid by Client, and the potential for offsetting compensation from the listing broker/seller/landlord.
Client has been advised of the potential for buyer/tenant subagency.
SALES- WORKING WITH REAL ESTATE AGENTS (Form 520) has been given to and reviewed with Client at first
substantial contact, and Client has signed the form acknowledging its receipt and review. THIS FORM IS MANDATORY
UNDER THESE CIRCUMSTANCES BY NORTH CAROLINA REAL ESTATE COMMISSION RULE.
LEASING- WORKING WITH REAL ESTATE AGENTS (LEASE TRANSACTIONS) (Form 521) has been given to
and reviewed with Client at first substantial contact, and Client has signed the form acknowledging its receipt and review.
Use of this form is not mandated by Commission rules, but is advised.
If Your Firm’s Policy Permits Dual Agency:
• Dual agency has been discussed with Client.
• If Client authorizes dual agency the first option should be selected in Section paragraph 9(a). If Firm practices designated agency, the
DESIGNATED AGENCY ADDENDUM (Form 551) should be reviewed with the client AND if this option is selected, it should be
attached to the agreement.
• If Client does NOT authorize dual agency the second option in Section paragraph 9(a) should be selected.
If Your Firm’s Policy Does NOT Permit Dual Agency:
• Client understands this and the second option in Section paragraph 9(a) should be selected.
If the property being sought is land, the Land Information Worksheet (Form 502) may be useful to collect information regarding
properties the Client is interested in.
Client has elected NOT to have exclusive representation and has signed the NON-EXCLUSIVE BUYER/TENANT
REPRESENTATION AGREEMENT (Client Responsible) (Form 531). Agent has advised Client of Firm’s general company