Seller agency duties - Study guides, Class notes & Summaries

The foundation upon which real estate brokerage is practiced - ANSWER Agency A legal and ethical relationship created between a real estate firm and a party to a transaction; the party may be a buyer, seller, landlord, or tenant - ANSWER Agency Relationship A written agreement between a firm and a client; the client authorizes the firm to provide brokerage services to the client - ANSWER Agency Agreement What are two agency agreements? - ANSWER Listing Agreement Buyers Agency Agreemen...

NCREL Post Licensing 301 Broker Relationships and Responsibilities | Questions with 100% Correct Answers | Verified | Latest Update 2024 A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when? - - Before buyer and agent discuss motivation or financial information. What fiduciary duties are owed to principals? - - Obey, Loyalty, Disclosure, Confidentiality, Accounting, & Reasonable care (OLD CAR) As a dual agent, my fiduciary responsibilities a...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

PA Exam 3 with 100% Correct Answers 2023 Which of the following are NOT grounds in Pennsylvania for revoking a broker's license? A Being convicted of a felony B Agreeing with the seller to accept a commission that is more than the standard rate C Depositing an earnest money check into the broker's personal account D Advertising as a member of the Pennsylvania Association of Real Estate Professionals when the broker is not really a member - Correct Answer-B It is perfectly legal to agr...

When the agency relationship has been terminated, the licensee is no longer considered the principal's agent but still owes which of the following duties to the principal? - ️️Accounting Which of the following may not involuntarily terminate an agency relationship? - ️️Expiration of the agreement term When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who shows the listed property automatically becomes - ️️A subagent An agency relationship ...

NYREI School Exam Questions and Answers Latest Version Graded A+ What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license What is the preferred method of creating an agency relationship? expressed agency An amenity purchaser occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. real / deed A salesperson who is an independent contractor is not subject to withholding r...

Colibri Real Estate Chapter 2 Quiz Questions with Verified Answers An agency relationship may be involuntarily terminated by which of the following? By destruction of the property through fire, vandalism, or natural disaster When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who shows the listed property automatically becomes A subagent An agency relationship may be involuntarily terminated by which of the following? Condemnation of the property ...

Which of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - Answer- salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer repre...

Champions School of Real Estate - Exam Prep Latest Update 100% Pass Buyer Representation Agreement An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency Agency as a result of customary, usual or typical conditions Broker A properly licensed party who serves a principal in an agency relationship- also called an agent Client A party represented by a broker in an agency relationship - also called a principal Duties of an Agent An agent owes his...