Dual Agency and Transaction Brokerage

Which of the following statements best defines a transaction broker?

A real estate licensee who provides real estate services to any party in a transaction without an agency relationship

How might a transaction brokerage agreement be transferred to another broker?

All parties to the original agreement give their written consent.

Which of the following items must appear on a transaction brokerage agreement?

An expiration date

Colleen is acting as a dual agent in a real estate transaction. At what point, if any, should she disclose her agency status?

Colleen must disclose her agency status immediately upon its occurrence to all parties of a real estate transaction.

Which of the following statements is TRUE regarding dual agency?

Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party.

When is a buyer obligated to pay compensation to a designated broker?

If the buyer has entered into a written agreement with a broker specifying the terms of compensation, then there is an obligation.

Which of the following behaviors can lead to disciplinary action?

Implying that you can provide the same level of service as a transaction broker that you can as an agent

Thom, a transaction broker to the Jones (Sellers) - Barker (Buyers) home sale transaction, has been told by the Barkers they will not be consent to the transaction brokerage relationship. What should Thom do?

Thom should continue his transaction brokerage relationship with the Jones, and withdraw from his relationship with the Barkers without liability while working towards the conclusion of the transaction.

Sara, a licensee, is helping customer Mark find a house? Sara would be considered a

Transaction broker

Jan is a licensee working with the Shumate family to sell their home. She is also assisting with the purchase of their new home. Is this permissible under the Missouri Transaction Brokerage Law?

Yes. A licensee may work with a single party in separate transactions pursuant to different relationships.

The term designated agency

comes from the action of the broker designating one licensee to be the seller's agent and another licensee to be the buyer's agent.

An alternate way to handle a dual agency situations is called

designated agency

A transaction broker is a licensee who assists the parties to a transaction without an agency or fiduciary relationship to either party and is considered

neutral.

A Transaction Brokerage Addendum must include which of the following information?

the date of the original listing contract.

A licensee shall be presumed to be a transaction broker unless

the designated broker enters into a written seller's agent or landlord's agent agreement.