I really don't understand how agency can really be limited. Who decides at what point representation and agency begins and ends and under what circumstances?

It depends.

every client deserves full representation....anything less is not acceptable in my opinion....

     Limited Service Listings are a consumer choice that is protected by the Federal Government, Department of Justice. 

      Whether or not it is a "good or bad" choice depends upon the consumer, and upon the real estate broker.  For example, an MLS-only listing for a Seller who hasn't sold a house in 10 years is probably a poor choice.  But for a dealer or investor who buys and sells many houses every year, MLS-only can be an excellent option that will save them lots of $$$.

Oakly Rogers Limited Agency or Limited Service Agency is approved in Virginia. Among other things, it identifies specific services that the agent will provide their client as opposed to full service. Full disclosure is required.

Whether it is good or bad for the client, only a client can determine if it is or not suitable for their needs.

It is a HORRIBLE IDEA. You get what you pay for a would you like to have a little support? A doctor only help a little? The only one that loses is the client.

You provide the services that will best meet the needs of your clients.

Limited agency is equivalent to NO REPRESENTATION. For sellers, it usually just submitting listing to MLS and letting any buyers agent take advantage of them.

For buyers it is no fiduciary duties. No advice, no one has their back...

Eve

In general - bad.

In some cases - good.

I'm not a fan of limited agency, and the clients I work with wouldn't want this. 

I think full agency is better for clients. We agents know how to protect the client when they allow us to do it.

I don't care for it

I am not sure what you mean by "limited agency".

I do not know what limited agency is. If you mean dual agency ... I won't touch it.  

It depends on the client and the agent.  Some people that I know work with limited agency to safe money. However, when it comes to asking questions they come to me because limited agency = limited service.  Ha!

I've not heard of limited agency in our area! Or do you mean dual agency?

No such thing -- either you are the agent or transaction broker.

Bad all around.

I have never done a  limited agency...

Oakly - It could be a good option for a person well seasoned in real estate like an investor, but many might be attracted by a corresponding limited fee.  As always, the devil is in the details and for the most part not the best option for most buyers or sellers, in my opinion.

Bad for the profession if what you are referring to is a discount broker who just posts on the mls for people then leaves them on their own.

But if you are talking dual agency then it can be a good thing if the agent is honest and the clients know what they are doing.

I don't care for it and I definitely hate being the agent on the other side of a limited transaction!  I don't think clients know what they're doing - it's just like a FSBO - they THINK they do and that they need minimal representation but, as the agent & brokerage of a limited agency listing, you are still fully liable.  I wouldn't take my chances as a client or a brokerage/agent.

Oakly Rogers - If they think they are okay with it - and so is the agent, why not?

If it's a limited agency, they are not clients, but customers.  Not necessarily a good thing for them.

Not sure I understand the question.

It depends.

Chapter 1; Agency

Allow the legislators in your state to define it for you. They all have opinions without any knowledge of the subject!

Limited agency does not exist in Texas. 

Good for those who know what it means and prepared to be accept the outcome. Limited agency is an excellent choice for those with experience  in buying and selling  real estate.

Bad for those who are focused on the wrong outcome.

Really bad for those consuming false information.

Overall its bad because its used to save money, which is the wrong reason to use it. But if you had a knowledgeable client, it works.

There are many cons and pros. I personally have no issues with dual agency, the key is to over-disclosure everything, preferably in writing. 

It is good for clients to know that a professional is working on their behalf.

This concept does not apply in Ontario for real estate brokerage services.

Oakly Rogers It depends on the client.

Dual agency can be good for the client. It's not as good for the agent. Because the liability is increased and the compensation is usually not increased. And I'm not talking about double ending a deal either.