RECA unit 4-1 real estate relationship Exam

real estate relationship - Answer- .non-representative relationship .presentative relationship customer - Answer- individual or organization contacted but not engaged real estate professional non-representative relationship - Answer- limited responsibility no advice or opinion not advocate on behalf of customer representative relationship - Answer- real estate professional acts for one party to trade or potential trade on behalf of brokerage client - Answer- individual or organization entered into service agreement with real estate professional confidential information - Answer- real estate needs motivation financial ability disclosure - Answer- .existing representative relationship .service to be supplied .conflicts of interest .additional facts or information 5 Ds of role clarity and consistency - Answer- .Discuss the type of relationship .Determine representative capacity .Document representative capacity .Disclose representative capacity .Do actions consistent with capacity benefit of role clarity - Answer- .comply with regulatory .enhance professional image .prevent unintended relationship .clarify responsibility .clarify service .reduce disputes responsibility to customer - Answer- .exercise care of skills .act honestly incurring liability - Answer- .failure to disclose .no authority .causing a tort service for customer - Answer- .information on comparable property or market .provide standard form of agreement .complete form per instruction .provide several name of professional .deliver offer or counter offer timely .communicate information timely .keep transaction progress informed service not to be provided to customer - Answer- .confidential advice .discretion or judgement service .advocacy or representation service agency - Answer- relationship between two persons, one consent that other should act on his behalf, the other consent to act so agent act on behalf of principal general suthority - Answer- agent granted broad authority by principal and may provide broad range of service specific authority - Answer- agent granted limited authority by principal, provide one specific service or limited range of services type of authority - Answer- .express authority .implied authority .customary authority express authority - Answer- orally or writing what action may be taken implied authority - Answer- agent implied to do anything related to carrying out express authority customary authority - Answer- behaving or performing as widely accepted way need express authority - Answer- .capacity to contract .capacity to delegate .capacity to incur expenses 5 elements in all relationship - Answer- .creation of law .consensual .controlled by principal .usually involves fiduciary duties .affect principle's legal position establishing representation relationship - Answer- .by agreement .by implication .by ratification .by estoppel .by operation of law oral agreement deficiency - Answer- not .clearly understand role .disclose responsibility .disclose nature of service .disclose compensation .communicate confidential information written agreement benefit - Answer- .ensure disclosure .provide clarity of role .specific service .describe compensation .clarity for dispute exclusive representation relationship - Answer- must be in writing nonexclusive representation relationship - Answer- must be in writing except commercial by implication - Answer- implied by conduct of parties involved real estate representation relationship should not be implied by ratification - Answer- when agent act without authority or excess authority, as a result, principal agree real estate representation relationship should not be ratified Estoppel - Answer- when principal acts in way leads a third party to believe agent has been authorized to act on behalf, agent has not consent to and may not aware not for real estate representation responsibility to client - Answer- .general obligations .fiduciary duties general obligation - Answer- .exercise care and skill .disclose information .act honesty .act in person .negative favorable terms .obey lawful instruction .maintain confidentiality .perform mandate fiduciary duty - Answer- legal duty, estate professional act at all time in best interest of client .ultimate loyalty .not make secret profit .avoid confliction of interest .handle confidential information .disclose conflict of interest ,to account 3 fundamental principles - Answer- .trust and confidence .best interest .loyalty conflict of interest - Answer- .competing interest .opposing interest .brokerage interest interest cannot be avoid - Answer- .pre-existing representation relationship rise conflict .client seek service rise conflict of brokerage interest secret profit - Answer- .client rely on advice by professional .professional make referral .professional work with customer standard of care - Answer- .professional standards .professional norms and practices .expert testimony limited brokerage services - Answer- .input property information into MLS system .appointment show property .hold open house at property .screen prospective buyer .advertise and market .help negotiate and draft agreement .help post-transaction details full brokerage service - Answer- .consult requirement and plan .market research .market analysis .advertising and marketing plan .implement marketing plan .input MLS .property view .open house .showing and feedback .screen buyer .periodic update .advise change of market .help negotiate and draft offer .remove condition, receive waiver .post-transaction details .maintain contact property management service - Answer- .oversee management .supervise staff .hire/terminate staff .maintain property .cost projection .enter contract .coordinate maintenance .advise hazard .safety standard .building code .advertise and market .screen tenant .draft agreement .supervise improvement .collect security deposit .deposit revenue .oversee account .deal with account .pay expense .meet obligation of owner to tenant .deal with complaint .court proceeding .legislative requirement .budget and financial report .locating suitable space client responsibility - Answer- .indemnification from cost .remuneration fro service .disclosure of relevant information termination of representation relationship - Answer- .by agreement .by revocation .by operation of law by agreement - Answer- .mutual consent .expiry