REAL ESTATE AGENCY RELATIONSHIPS
Real estate brokers ("broker") are persons who are licensed to transact real estate business by the state in which they work. Real estate persons ("Real Estate Licensee") are persons who are employed directly or indirectly by a Broker and are licensed to conduct real estate business on behalf of a Broker by the state in which they work. In real estate transactions, an agency relationship may be formed between a Broker and a client. The client may be either a Buyer or Lessee ("Buyer") or a Seller or Lessor ("Seller"). The client generally works with one Real Estate Licensee who is associated with the Broker. If you choose to have a Broker represent you in an agency relationship, you must enter into a written contract that establishes the obligations of both parties, and specifies how and when your Broker will be compensated. Before you enter into an agency relationship with Countrywide Realty Inc., you should understand the types of relationships that are available to you. Until a written agreement is signed the Broker is operating as a Transaction Broker and not an advocate. Countrywide Realty Inc. will ask you to acknowledge receipt of a brochure on Real Estate Brokerage Relationships. This brochure will provide you with information regarding the nature of the relationship you are about to begin and the rights and obligations it creates.

SELLER'S AGENT: The seller's agent represents the seller only, so the buyer may be either unrepresented or represented by another agent. The seller's agent is responsible for performing the following duties: Promoting the interests of the seller with the utmost good faith, loyalty, and fidelity; Protecting the seller's confidences, unless disclosure is required; Presenting all offers in a timely manner; Advising the seller to obtain expert advice; Accounting for all money and property received; Disclosing to the seller all adverse material facts actually known by the agent, including: environmental hazards affecting the property that are required to be disclosed; the physical condition of the property; any material defects in the property or in the title to the property; and any material limitation on the seller's ability to complete the contract. The seller's agent has no duty to: Conduct an independent inspection of the property for the benefit of the buyer; or Independently verify the accuracy or completeness of any statement by the seller or any qualified third party.

BUYER'S AGENT: The buyer's agent represents the buyer only, so the seller may be either unrepresented or represented by another agent. The buyer's agent is responsible for performing the following duties: Promoting the interests of the buyer with the utmost good faith, loyalty, and fidelity; Protecting the buyer's confidences, unless disclosure is required; Presenting all offers in a timely manner; Advising the buyer to obtain expert advice; Accounting for all money and property received; Disclosing to buyer all adverse material facts that the agent knows; Disclosing to the seller all adverse material facts actually known by the agent, including all material facts concerning the buyer's financial ability to perform the terms of the transaction. They buyer's agent has no duty to: Conduct an independent investigation of the buyer's financial condition for the benefit of the seller; or Independently verify the accuracy or completeness of statements made by the buyer or any qualified third party.

TRANSACTION BROKER: The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party. The transaction broker is responsible for performing the following duties: Protecting the confidences of both parties, including the following information: the fact that a buyer is willing to pay more; the fact that a seller is willing to accept less; factors that are motivating any party; the fact that a party will agree to different financing terms; and any information or personal confidences about a party that might place the other party at an advantage. Exercising reasonable skill and care; Presenting all offers in a timely manner; Advising the parties regarding the transaction; Suggesting that the parties obtain expert advice; Accounting for all money and property received; Keeping the parties fully informed; Assisting the parties in closing the transaction; Disclosing to the buyer all adverse material facts actually known by the transaction broker, including: Environmental hazards affecting the property that are required to be disclosed; The physical condition of the property; Any material defects in the property or in the title to the property; Any material limitation on the seller's ability to complete the contract. Disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer's financial ability to perform the terms of the transaction. The transaction broker has no duty to: Conduct an independent inspection of the property for the benefit of any party; Conduct an independent investigation of the buyer's financial condition; Independently verify the accuracy or completeness of statements made by the seller, buyer, or any qualified third party.

MORTGAGE QUALIFICATION
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