There are generally three types of Agency representation that you will run into when working with a REALTOR on Guam. These are exclusive representation of the Seller; exclusive representation of the Buyer and representation of both parties, or Dual Agency.
Typically when a an agent lists a property sale then he or she is representing the Seller on exclusive basis. This agent, also referred as the listing agent, owes a fiduciary responsibility to the seller under his or her listing agreement and has a duty to protect that interest. The seller's exclusive listing agent must disclose any knowledge he or she has about what price a buyer may be willing to pay for a property. Therefore if you are a seller of property and are approached by a buyer's exclusive agent it's best to refer the buyer's agent to your exclusive listing agent.
With buyer representation the agent is working exclusively for the buyer and the agent owes a fiduciary responsibility to the buyer. There are many instances where an agent is the selling agent but not representing the buyer in an exclusive capacity. The buyer's exclusive agent must disclose any knowledge he or she has about what price a seller might be willing to pay for a property. Therefore, if a buyer is working with the seller's exclusive listing agent when making a purchase it's a good idea not to disclose any price other than the price the buyer is offering on a property to the agent.
A dual agency is where the Agents represent both the buyer and the seller. Dual agency can happen even if the there are two agents involved -- a listing agent and a buyer's agent -- if both agents work for the same broker. That's because it is the real estate broker who creates agency. With dual agency the agent (or agents) in involved in the transaction have a duty to disclose anything the agent knows about the property but must NOT DISCLOSE what a buyer will pay for the property to the seller and likewise what a seller will accept as a purchase price other than what is stated in the purchase agreement.
Most real estate purchase or rental agreements will have a section for real estate agency disclosure. REALTORS, as part of the requirements of the REALTOR Code of Ethics, have a duty to disclose to you the types of agency available to you. Your REALTOR will then mark the appropriate agency relationship on the purchase or rental agreement.
Buyers out looking at open houses or property on your own?
Keep in mind that agents at open houses are typically representing sellers on an exclusive basis. Therefore, do not disclose to seller's exclusive agents your 'bottom line' price. Only discuss price after you have established the type of agency under which you will negotiate a purchase. If you already have an agent let the agent at the open house know and provide them with your agents business card if you have one handy.