Real Estate LAW Exam Study Guide Latest Update

Fiduciary Duties - ANSWER "OLD CARD": Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care, Diligence. Agent owes to client and broker Accountability and Confidentiality - ANSWER Fiduciary duties that survive the termination of the agency relationship Associate Broker and Broker Licensees - ANSWER must complete 21 hours of Maine-approved continuing education every 2 years except - ANSWER Information disclosed to either party __________: • The willingness or the ability of the seller to accept less than the asking price • The willingness or the ability of the buyer to pay more than has been offered • Confidential negotiating strategy not disclosed in the sales offer as terms of the sale • The motivation of the seller for selling and the motivation of the buyer for buying Appointed Agency - ANSWER one affiliated licensee represents the client to the exclusion of all other affiliated licensees of the brokerage agency. - the company appoints, with your written consent, one or more of the affiliated licensees to represent you as an agent Disclosed Dual Agency - ANSWER need written consent for this at the time of the listing; when an agent represents 2 clients whose interests are adverse - the company may offer limited agent level services Real Estate Brokerage Relationships Form (#3) - ANSWER must be provided to the consumer at the first substantive communication regarding a real estate transaction involving one to four unit dwelling; - does not need to be presented for "land only" or commercial transactions - does not need to be presented with land with more than 4 residential dwelling units - not a contract Customer-level services - ANSWER - to disclose all material defects pertaining to the physical condition of the real estate that are known by the licensee - to treat both the buyer and the seller honestly and not knowingly give false information - to account for all money and property received from or on behalf of the buyer or seller - to comply with all state and federal laws related to real estate brokerage activity Written listing agreement (or written buyer representation agreement) - ANSWER when you want a licensee to represent you, you will need to enter a... - creates a client-agent relationship Client-level services - ANSWER the real estate licensee's job is - to perform the terms of the written agreement with skill and care - to promote your best interests - to maintain confidentiality of specific client information including bargaining information Single agency - ANSWER company and all of its affiliated licensees represent you as a client