Just what is ' Agency"?

We had an in-office session on ' agency' today - from 10 am to 3 pm - lunch in between -but a serious session on who represents who during real estate transactions - seller's agent, buyer's agent - and when to inform each of the roll the agent plays. ( immediately) This was part of the new New Jersey continuing education requirement - it's about time - but we got 3 credits towards the needed annual amount - and it was very good. New Jersey is one of the last states in the Union requiring this, and it is a good idea. There are many 'part time' agents - who stay in the business so they ' can sell their mother's house' and dont know the latest in rules, regulations or real estate - and this requirement might just ' weed' them out. When you are working with a Realtor, you should know if you have that agent's total loyalty and advocacy - or if that agent is also representing the seller----that's called 'dual agency' and must be disclosed. There is no problem with that - but disclosure is essential.