Broker - ANSWER- licensed by the state
- intermediary who brings together buyers and sellers
- assists in negotiation of agreements
- receives commission
- executes orders
- was a salesperson at some point
salesperson - ANSWER- acts under the direction of a licensed broker
- licensed by...
- intermediary who brings together buyers and sellers
- assists in negotiation of agreements
- receives commission
- executes orders
- was a salesperson at some point
salesperson - ANSWER- acts under the direction of a licensed broker
- licensed by the state
- not a broker
Yes - ANSWERCan you be a RE agent and NOT a realtor?
No - ANSWERCan you be a Realtor and NOT be a RE agent?
Legal Aspects of Broker-Client relationship - ANSWER- Principal
- Agent
- Fiduciary Relationship
- Agency
- Subagent
What is a fiduciary relationship - ANSWERWhen one person acts in the best interest of his/her client.
What are the 3 types of RE agent realationships - ANSWER- seller/broker
- buyer/broker
- broker/salesperson
Subagent - ANSWERsales person is a _________ of principal or landowner
,Listing Broker - ANSWER?
dual agent - ANSWER- represents both buyer and seller
- full disclosure
- transaction broker (limited role in representation)
Professional Insurance - ANSWER?
types of listing agreements for sellers agent - ANSWER1) open
2) exclusive-brokerage
3) exclusive-right-to-sell
4) net
5) limited services
Open Listing - ANSWER- broker is only entitled to a commission if they successfully close
- created through commission agreement
- open relationship
commission agreement - ANSWER- written
- identifies; parties, location, compensation
Exclusive-Brokerage listing - ANSWER- different broker cannot be authorized to find a buyer
- original broker will receive commission except if owner sells property on their own
Exclusive-Right-To-Sell listing - ANSWER- preferred by most brokers
- broker receives commission no matter who sells it
- broker gets best guarantee of receiving a commission
net listing - ANSWER- rarely used, illegal in many states
- owner guaranteed certain amount for house and broker gets difference btwn that number and
what house actually sells for.
, limited-services listing - ANSWER- broker only lists property on multiple listing service (MLS)
- provides minimal support to seller
buyers representation agreement - ANSWER- written btwn buyer and broker
- must have; essential elements of contract, type of property desired, duties of buyer and seller,
commission/fee
types of buyer representation agreements - ANSWER- exclusive-right-to-represent
- open arrangement
Selling Broker - ANSWERfinds the buyer of a property for seller
tenant representative - ANSWERbroker finds places to lease
fiduciary duty of broker - ANSWER- position of trust and confidence
- protects clients best interest at all times
broker Breach - ANSWER- negligence, fraud, misrepresentation or failure to follow instructions
broker Fraud - ANSWER- broker had intention to mislead
- broker made false statement material to a transaction
- broker was justifiably relied on by a client
- results in injury to client
broker Misrepresentation - ANSWER- fraud without intention to mislead
seller's agent duties to seller - ANSWERfind buyer while performing honestly diligently and in good
faith
sellers agent duties to buyers - ANSWER- full disclosure
- proper handling of earnest money
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