Real Estate III

According to Section 5.008 of the Texas Property Code, a seller's agent does not have a duty to make a disclosure related to whether a death that occurred on the property was caused by __________, if it is unrelated to the condition of the property.

- suicide - accident - natural disaster

When was statutory dual agency in Texas fully replaced by intermediary brokerage?

1996

Broker Associate

A broker associate is a real estate broker who works as an agent of a broker. The broker associate conducts business for the other broker (primary) and the primary broker takes responsibility for actions of the broker associate

Buyer Agency Conflicts of Interest

A broker involved in a buyer's agency relationship and any licensees that are associated with that broker are all considered representatives of the buyer. As such, the broker and the affiliated licensees are expected to promote the interests of the buyer. This can lead to an obvious problem if the broker has a listing contract with the seller of a property the buyer is interested in. One way to deal with this is to insert a provision into the buyer representation agreement that voids the agreement if a situation arises where the broker is representing both the buyer and seller. Another method for avoiding these kinds of conflicts of interest is for the broker to create a priority system. Whichever party signs a contract with the broker first would become the party being represented. The other party would need to seek representation with another broker or pursue the transaction on their own.

A real estate licensee is obligated to provide which of the following on a property when negotiating a listing?

A broker price opinion Or A comparative market analysis

Dual Agent

A dual agent is a person who is the representative of both the buying and selling parties in a real estate transaction. This type of agency was made illegal in 2003. A real estate professional wishing to represent more than one party in a transaction must act as an intermediary

Real estate agents are considered to have which kind relationship with clients?

A fiduciary relationship

Fiduciary Relationship

A fiduciary relationship is one in which someone puts complete trust in another person in regards to handling some kind of important task or tasks, usually of a financial nature. An agency relationship is a fiduciary relationship because the principal party has to put complete faith in the agent that is representing, and acting for, the principal party.

Classifications of Agency- General

A general agent has more limitations on the actions that can be taken on behalf of the principal. This kind of agent is often limited by time or is limited to a specific area. A property owner who sets up an agency relationship with a real estate agent but limits the duties of the agent to buying and selling properties in one city has employed the agent as a general agent. A person who is hired as an apartment manager but whose contract with the property owner ends after five years could be said to be a general agent. This is because the manager has general authority but only in relation to the certain type of property and only for five years.

Seller's Agent's Disclosures To the Seller

A licensee is required to provide a seller with a written statement which contains the information contained in Section 1101.558 of TRELA. This disclosure which describes services which may be expected from an agent of a seller or buyer or from an intermediary must be provided before the licensee signs the listing agreement. In fact, the statement must be given to the prospective seller client at the time of the first substantive dialogue with the prospective seller client.

No Conflict of Interest

A licensee who is helping facilitate a transaction between a seller and buyer, neither of whom are formally represented by the licensee, may face some conflict of interest with regard to the obligations owed to each party. While it is true that, since both the buyer and the seller in this circumstance are customers, the licensee's obligations to each party are limited, the licensee may still be conflicted when faced with the choice of what information to reveal.A licensee who is the agent of a seller through a listing agreement has no such conflict. The licensee is an agent of the seller and only an agent of the seller. The agent is expected to put the seller's interests before the interests of anyone else involved in the transaction (including the agent).

Listing Agreements

A listing agreement is a contract between a real estate broker (and any agent representatives, acting in the broker's name) and a seller or sellers of real property. This kind of contract gives the broker the right to offer the property for sale.

A Listing Agent

A listing contract is an agreement that makes a broker a special agent with the responsibility of marketing the seller's property and attempting to find a buyer who is willing and able to purchase the property. A licensee who is a listing agent will not usually have the authority to perform any of the following: Sign sales contracts or lease agreements for the seller Initial any changes that are made to a purchase offer Accept offers on behalf of the seller Allow a buyer or tenant to occupy a property before the contract that authorizes possession of the property is consummated

Non-Exclusive Right to Represent

A non-exclusive right to represent buyer-broker agreement is similar to a non-exclusive/not for compensation buyer-broker agreement since both types of agreement do not bind the buyer to only use the services of the broker who is under the agreement. The difference is that a non-exclusive right to represent buyer-broker agreement establishes commission payment for services provided by the broker attached to the agreement even if the buyer does not use that broker for the final sale. The commission is negotiable and the buyer does not have to pay the commission if it is covered by the seller. Additionally, this kind of agreement is not revocable.

A non-exclusive/not for compensation buyer-broker agreement

A non-exclusive/not for compensation buyer-broker agreement has two main features. First, the broker under this kind of buyer-broker agreement is not the only broker that the buyer can utilize for real estate services. Second, the buyer is not obligated to pay compensation. If the buyer uses a different broker for the final sale or finds a property and a willing seller on his or her own, the buyer is not required to pay compensation to the broker that was employed through this kind of agreement. This kind of agreement is very similar to a non-exclusive listing agreement. The buyer is given the greatest amount of freedom. Consequently, the broker is left without much motivation since there is no guarantee of payment for services rendered. A non-exclusive/not for compensation buyer-broker agreement can be revoked at any time by either the buyer or broker.

One-Time Agreements

A one-time representation agreement is a contract that creates an agency relationship between a licensee and a seller or buyer, but the relationship only applies to one transaction with one specific buyer or property. In all other interactions with the broker, the seller or buyer is treated as a customer. This kind of representation contract is commonly used for sellers who don't want to get tied into a longer term relationship with a broker. This kind of agreement also can be used for buyers who plan on purchasing a specific property. One way to handle this is to offer the seller a one-time listing agreement for a transaction with that buyer. However, if the seller does not want to be a part of this kind of agreement, the broker could instead offer the one-time representation agreement to the buyer and the agreement would only apply to that property.

Customer

A person who interacts with a real estate professional but is not a party to some kind of real estate contract with the real estate professional is a customer. A real estate professional can provide general advice and guidance to customers concerning real estate and real estate transactions. However, a real estate professional cannot provide any assistance or guidance with actually buying, selling, or managing property.

Sales Agent

A sales agent, or sales agent licensee, is a person who has been issued a real estate sales agent's license by TREC. Sales agents are required to work for a licensed real estate broker, who is referred to as the sponsoring broker. Furthermore, sales agents are only allowed to conduct business through the sponsoring broker, and any business must be conducted under the authority of the sponsoring broker. A sales agent who is actively conducting business as an agent of their sponsoring broker may be referred to as a sales associate.

Classifications of Agency - Special

A special agent has very limited authority. Usually, a special agent is only authorized to work on one specific task and often for a limited amount of time. If a property owner authorizes a real estate agent to sell two houses, the property owner has employed the agent as a special agent. The authority of the agent is restricted to the two houses and it ends when the houses are sold.

Sponsoring Broker

A sponsoring broker is the licensed broker a licensed real estate sales agent works for. The sales agent's license is issued through sponsoring broker, and the sponsoring broker is responsible for the brokerage activities of the sales agent.

Stigmatized Properties

A stigmatized or psychologically impacted property is a property that has some quality, unrelated to the property's physical condition or its features, which may make it undesirable to buyers. This can include properties in which murders or illegal drug manufacturing took place, or houses with a significant degree of fame or infamy attached to them. States have different laws regarding the disclosure of the stigmatized nature of a property to a buyer.

Classifications of Agency - Universal

A universal agent is an agent who is authorized to act for the agent in all, or nearly all, circumstances. Universal agents have very little limitation on actions they can take. This kind of agency relationship can include broad ranging power-of-attorney arrangements, especially durable power-of-attorney where the agency relationship is designed to allow an agent to act for a person who is disabled or incapable of making decisions. Example: Someone who is in a serious car accident hires a lawyer to manage their affairs. This agreement includes representing the injured person in all financial and legal situations. The lawyer is set up as a universal agent due to the nearly unlimited authority granted to the lawyer with virtually no time limit.

Actual Authority

Actual authority is authority that has been knowingly conferred by a principal onto an agent. The principal and the agent have to be aware of the authority that has been granted in order for it to be considered actual authority. Under the laws of agency, actual authority may be either express or implied.

The Real Estate License Act forbids which of the following with regard to advertising?

Advertising that is purposefully deceptive

Agency

Agency is the act of employing another person or group of people to perform actions on behalf of the employing party. In return, the agent receives some form of compensation, usually a payment of money.

Agency Legal Relationship

An agency relationship is a legal relationship, in that there are legal consequences to such a relationship. An agent acting for a principal party is legally considered an extension of the principal party. Since most agency relationships are established by contractual agreements, they have legally enforceable elements that are binding to both principal and agent.

Buyer Representation- Exclusive Right to Represent

An exclusive right to represent buyer-broker agreement establishes that the broker, under this agreement, is the only broker the buyer will employ while going through the property purchasing process. This kind of agreement also requires commission to be paid to the broker. As with a non-exclusive right to represent buyer-broker agreements, the commission can be negotiated and it can be paid by either the buyer or the seller. An exclusive right to represent buyer-broker agreement is the most advantageous for the broker since he or she not only is guaranteed commission but is also guaranteed to be involved in the entire property purchasing process.

Exclusive Right-to-Sell Listing

An exclusive right-to-sell listing is the most commonly utilized form of listing agreement. It gives the broker the exclusive right to earn a commission by representing the owner and bringing in a buyer, either through another brokerage or directly. The owner often pays both the seller's and buyer's broker fees. The owner cannot sell the property on their own without paying a commission, unless an exception is noted in the contract. An exclusive right-to-sell listing gives the listing agent more incentive to invest in marketing a property.

Implied Contracts

An implied contract is not a formal agreement of any type. This type of contract is brought about by the intentions, relationships, and the actions of all the parties that are involved in the "agreement". These types of contracts are extremely rare in the real estate market due to the fact that the vast majority of real estate transfer contracts are made in writing (that is, express contracts).

Seller's Disclosure

An important piece of paperwork necessary to close the real estate transaction is the seller's disclosure. The seller's disclosure is the document which states all of the material facts about the property that may reduce its value.

What is the term for a broker who is employed to negotiate a transaction between the parties to a transaction?e

An intermediary

Open Listing

An open listing (a.k.a., a non-exclusive listing) is a sort of free-for-all in which procuring cause determines who receives the commission. In other words, the seller agrees to pay a commission to the licensee that brings in a buyer. If the seller brings in a buyer him or herself then the seller doesn't owe anyone a commission. This type of listing is unpopular because the agent has no guarantee of receiving a commission for his or her work. However, it should be noted that the default listing is an open listing. If either party desires a different arrangement, it must be detailed in the listing contract.

According to Section 1101.558 of TRELA, which of the following parties must be provided with a disclosure when the first instance of contact occurs?

Another licensee who represents another party to the transaction OR Another party to the transaction

Apparent Authority

Apparent authority, or ostensible authority, is more complex than actual authority. Apparent authority exists based more on the perception of a third party reasonably believing that a party representing themselves as an agent for a principal was indeed granted authority to act as agent based on behaviors or other actions.

When is a licensee required to provide a seller with a written statement which contains the disclosure describing services which may be expected from an agent of a seller?

At the time of first substantive dialogue

The information about Brokerage Services (IABS) form is a disclosure that is required to be given to a potential client:

At the time of the first substantive dialogue

Responsibilities of Real Estate Agents to Third Parties

Because the sales agents in a brokerage are agents of the broker, the broker has a responsibility to ensure that the sales agents are acting correctly in regards to third parties. The broker is responsible for keeping records for auditors, confirming contracts signed by sales agents, and choosing the direction that the brokerage will take. The broker is responsible for making sure that any contracts signed by the sales agents under their employ are carried out. Additionally, the broker is responsible for all liabilities generated by the business.

Which of the following is one of the primary forms of real estate agency in Texas?

Buyer's agency

Splitting the Fee

Buyer's brokers can usually arrange to be paid compensation by the buyers they represent. However, there are occasions where the commission payment will be made out to one agent in the transaction and then split out amongst all the other real estate professionals involved in the transaction. The way and manner in which the commission fee is paid can be decided in multiple ways, including formal and informal agreements.

Benefits for the Buyer

Buyers are not required to be represented by a licensee when looking for property to buy. Neither are buyers required to have representation when negotiating the purchase of property. In fact, buyers having licensees who are independent of the seller's agent and who promote the buyer's interests is a somewhat recent thing. The buyer's agent provides a buyer with someone whose job it is to assist a buyer in finding the right property, and then helping that buyer purchase the property at the lowest price. Buyers can purchase property successfully without an agent helping out. However, a buyer's agent can provide an extra level of help and guidance that a buyer would not get anywhere else.

Advantages to exclusive buyer agency

By being exclusive to buyers, licensees reduce the chances of accidentally ending up representing both the buyer and seller in a transaction. Exclusive buyer's agents are specialists in dealing with buyers, meaning that this kind of broker will have specific experience with buyers and will have strategies and skills that cater to the needs and desires of buyers.

An non-exclusive buyer broker agreement:

Can be either for compensation or not for compensation

Confidentiality

Confidentiality is fairly self explanatory. An agent is required to protect the personal and private information about a client. Confidentiality is highly important. Information about a principal in the wrong hands can do anything from damage a principal's negotiating position to allow people to steal the principal's identity. The general rule with confidentiality and this kind of information is to not reveal personal and private information about the principal unless the disclosure is required by law or authorized by the principal.

Confidentiality

Confidentiality is one of the major fiduciary duties owed by an agent to his or her client. When an agency relationship is formed between a client and a broker who is part of a brokerage, the entire brokerage must act in a manner that respects the existence of that agency relationship. Licensees in the same brokerage who are not party to the agency relationship should still avoid revealing any confidential information that they learn about the broker's client or the transaction. At the same time, the broker who is the agent of the client should not divulge confidential information even to other people in the brokerage.

In Texas, buyer representation:

Does not need to be in writing

Exclusive Buyer Agency

Exclusive buyer agency is a situation where a broker or a brokerage only takes buyers on as clients. Exclusive buyer agency is uncommon since the majority of brokers offer services to both buyers and sellers.

Exclusive Listing

Exclusive listings involve an agreement between a broker and seller in which a broker is given the sole right to represent the seller. Exclusive listings are more common than open listings since the broker is far more likely to be paid commission. However, the broker still could be denied commission if the seller produces their own buyer under some types of exclusive listings.

Express Authority

Express authority is authority that is clearly and specifically granted to an agent. This kind of authority is often written into the contract that establishes the agency relationship. It can also be present in an organization's charter or regulations. In some cases, oral agreements can represent express authority. The most important thing to consider is whether it was stated in some manner that the agent had the authority to exercise under the circumstances.

True or False: Apparent authority is expressly detailed in the contract that establishes the agency relationship.

FALSE

True or false: a non-exclusive right to represent buyer-broker agreement requires the buyer to pay commission to the broker for services rendered.

FALSE

True or false: in Texas, a subagent must be associated with the broker he or she is acting as a subagent for.

FALSE

Responsibilities of the Principal to the Agent - Indemnity

If an agent suffers damages, losses, or injuries, through no fault of his or her own, which are caused while fulfilling the agency relationship, the principal is responsible for making restitution to the agent. For example, a real estate agent is hired to act as an agent for a property owner in selling a series of properties. Unfortunately, the agent is targeted by a scam artist and ends up losing a significant amount of money to the scam. If the agent can be reasonably said to be faultless in this situation, the principal is responsible for repaying some of the agent's losses.

Implied Authority

Implied authority is authority not specifically granted to an agent but assumed to be necessary to carry out duties related to any express authority. Someone has implied authority if an express authority could not be reasonably utilized without some unspoken authority to carry out a necessary action.

Express Contracts

In an express contract, all the involved parties to the contract normally state the conditions and terms of the contract in either a very formal or informal way, and it may be either in writing or verbal. An "express" contract is the type of contract most commonly thought of when people hear the term "contract."

Who Does the Buyer Representation Agreement Belong To

In this regard, buyer representation and listing agreements work the same way. The buyer representation agreement ultimately belongs to the brokerage. Associated licensees, such as sponsored sales agents, are allowed to set up buyer representation agreements on behalf of the broker they are affiliated with.

What is the term for a transaction in which licensees from the same brokerage represent both the buyer and seller?

In-house sale

Which of the following is the only legal way in the State of Texas to represent more than one party in a real estate transaction?

Intermediary brokerage

In Texas, the seller's disclosure of property condition:

Is an optional form

Benefits for Agents - Greater Understanding

Licensees are not obligated to form agency relationships with every seller who they meet with. Without the agency relationship, the seller is a customer and the services that the agent can provide are far more limited. One thing that comes with the agency relationship formed through a listing contract is that the agent gains a much better understanding of the seller and the property. This deeper understanding can give the agent an advantage when marketing the property and when assisting the seller in negotiating the purchase of the property. A licensee working without a listing contract can still bring sellers and buyers together. Unfortunately, given the limits on the interaction between a licensee and a seller with whom there is no agency relationship, the licensee will lack information that can help facilitate the transaction between the seller and buyer.

Who is the Agent

Licensees need to remember the hierarchy of the brokerage. When a buyer representation is established, it is established between a broker and a buyer. Any sponsored sales agents who work for the buyer on behalf of the broker are still only agents of the broker. However, sales agents in this situation still owe fiduciary duties to the buyer.

Material Facts

Material facts are pieces of information that a reasonable person would believe were important or relevant to a particular situation. With regard to real estate, material facts are things that would not only have an impact on the decisions being made by the parties to a real estate transaction, but would also have a demonstrable effect on those parties to the transaction.

The fiduciary duties of an agent do NOT apply to:

Negotiations over the agency contract

What is the term for a duty owed by an agent to someone who is not the principal party?

Non-Fiduciary duty

Title 7, Subtitle A, Section 1101.801 of the Texas Occupations Code

Notwithstanding Section 1101.801, a person is not civilly or criminally liable because the person failed to inquire about, make a disclosure relating to, or release information relating to whether a previous or current occupant of real property had, may have had, has, or may have AIDS, an HIV-related illness, or HIV infection as defined by the Centers for Disease Control and Prevention of the United States Public Health Service.

Buyer's Window to Respond

Once the buyer receives the seller's disclosure they have five business days to revoke the offer. The buyer can choose to revoke their offer at any time before they receive the seller's disclosure. The buyer loses the right to revoke the offer to purchase once the five business days after receipt of the disclosure have passed or once the buyer officially closes the transaction. If the buyer revokes their offer as pursuant to this law, then the buyer gets a full refund of all monies.

Representing the Client

Once the representation agreement (e.g., buyer's broker agreement, listing contract, landlord's broker agreement) is signed, the role of the licensee shifts. Now, the licensee is a representative and advocate for the party being represented. The negotiation in the interests of the licensee or the licensee's sponsoring broker have ended. Any negotiation that the licensee does from this point forward is directed at getting the best price and terms on the sales agreement for the represented client.

Retainer Fees

One manner of compensating a broker can come from an advance fee paid by the buyer (also called a retainer or a retainer fee). The advantage of this is that it can ensure that a buyer will follow through with the transaction. Unfortunately, a broker will need to actually perform services for the buyer-client in order to justify holding the retainer fee.If the buyer's agent is set to be paid commission from the proceeds of the transaction by the seller's broker while still holding a retainer fee from the buyer, this fact must be disclosed to all parties, and all the parties must consent to it.

Specific Benefits - Advice and Opinions

One of the greatest resources a seller can gain access to through a listing agreement is the expertise and experience of a licensee. Since real estate licensees go through specific training to be licensed, a licensee will have knowledge that an individual would not. As has already been stated, an individual owner can sell a property on their own.

Which of the following is not a common way in which the buyer's commission can be paid?

Paid by the financial institution financing the transaction

Disclosure

Principals are responsible for the actions of their agents. In order to effectively police the actions of an agent, it is required that the agent disclose their actions to the principal. Disclosure needs to be complete and accurate. An agent cannot hide information from the principal if it has any bearing on the agent's performance.

Brokers have which of the following with a client?

Privity of Contract

Brokers have which of the following with a client

Privity of contract

When setting up a buyer representation agreement, the licensee must make sure that he or she does not do which of the following?

Promise to do things that are outside their area of expertise

What is the traditional form of real estate agency?

Seller's agency

Client

Someone who has formed a contractual agreement with a real estate professional is a client. Like customers, clients receive advice and guidance from the real estate professional they have employed. However, the real estate professional will assist, guide, and represent a client through the process of buying or selling real estate.

Real estate agents are commonly which of the following with regard to their clients?

Special agents

Subagency

Subagency is a situation where a real estate licensee working for another licensee assists the primary licensee with a real estate transaction. It is important to note that a subagent has the same principal as the primary licensee.

TRUE/FALES: Dual agency is illegal in Texas

TRUE

Is an Agency Relationship Required

Technically, an agency relationship is not needed to assist a buyer during a transaction. Licensees can work with buyers informally as customers, eschewing any contractual agreement. Nor are agents of selling parties forbidden from providing assistance to buyers agents. However, seller's agents must not forget that dual agency is illegal in Texas.

All real estate contracts (with the exception of property management contracts) are required to contain a...

Termination Date

What is the name of the form created by TREC to help sellers meet the requirements of Section 5.008 of the Property Code?

The Seller's Disclosure of Property Condition

Who does a buyer representation agreement drafted by a sales agent belong to?

The broker who sponsors that sales agent

Selling Services to a Buyer or Seller

The initial role a licensee has is as an advocate of their services. When the licensee meets with a buyer or seller for the first time, the licensee is attempting to convince the buyer or seller to utilize their expertise and skill as a real estate professional. What the licensee is not, at this stage, is an agent for the buyer or seller.

Roles in the Agency Relationship - The Principal

The principal is a person or organization that acts through another person or organization. The principal grants some amount of authority to the agent and, in turn, accepts some responsibility for the actions of any agents who are representing the principal party. The principal directs the actions of the agent, or agents, which is another reason why the principal can be held partially responsible for actions taken by the agent or agents.

Fiduciary, a Relationship of Trust

The relationship that is formed when a person or organization becomes an agent of another person or organization is primarily a relationship of trust, sometimes referred to as a fiduciary relationship. Real estate agents are just one example of professionals involved in fiduciary relationships.

Who has the right to choose whether to disclose non-material stigmas related to a property being sold?

The seller

Broker

The term broker refers to a class of real estate professionals in Texas who perform real estate services for clients in exchange for something of value (normally a monetary commission). Brokers are required to have a greater level of experience and education than other classes of real estate professionals. Because of this, brokers are allowed to operate independently or even own a brokerage that employs other real estate professionals.

Third Parties

There are parties that are not part of a contractual agreement but who are still affected by the contractual agreement. These affected parties are the third parties.

What is the term for a person or organization that a person interacts with while acting as an agent for a principal party?

Third party

Disadvantages to Buyer Agency

Unfortunately, there are also disadvantages to exclusive buyer agency. A former client who bought a property through a broker who practices exclusive buyer agency may desire to use the same broker when it comes time to sell a property. Since the broker only handles buyers, the former client's business would have to go to another broker. Without listings, this kind of broker cannot earn commissions from the listing of property and the transaction of a property.

Who Does the Buyer Representation Agreement Belong To Example

Vincent is a sales agent working for Rhonda, a broker in Homes and Castles Realty.Acting as Rhonda's agent, Vincent sets up a buyer representation agreement with a client looking to buy a house in the area. During the time period when he is helping the buyer-client look for suitable property, Vincent has a falling out with Rhonda. He ends up quitting the brokerage in order to take a position in a rival brokerage, Brick and Mortar Realty. The buyer representation agreement Vincent established does not belong to him since he would not be one of the parties to the contract. Vincent's broker, Rhonda would have been the official agent of the buyer-client and a signatory on the buyer representation contract. When Vincent leaves the brokerage he loses all claim to the buyer representation agreement. Additionally, Brick and Mortar Realty cannot make any claim on the buyer representation agreement just because Vincent now works for them.

Exclusive Seller Agency

When we talk about exclusive seller agency, we are talking about a brokerage that only represents sellers. For a brokerage that exclusively represents sellers, sellers are always clients and buyers are always customers.

What Is a Subagent for the Seller

When we talk about subagents for the seller, we are specifically not talking about licensees who have agency relationships with a buyer. Those are buyer's agents and will be discussed in another class. A subagent for the seller is usually a broker from another brokerage who has agreed to help the seller's broker in a transaction, commonly by providing limited assistance to the buyer. A subagent for the seller is a broker who is working with, rather than for, a buyer. The lack of an agency relationship is what separates a buyer's broker from a subagent for the seller. A subagent for the seller, even when providing assistance to the buyer, is still a representative of the seller. The subagent for the seller owes his or her fiduciary duties to the seller and not the buyer. The buyer is not represented by the subagent and, in fact, does not have any contractual agreement with the subagent.

If multiple agents work with a buyer or seller on a transaction, what ultimately determines who receives the commission?

Whichever agent was the procuring cause of the sale

A principal becomes disabled and gives authority to an agent to act on behalf of the principal in nearly all circumstances. This type of agent is...

a universal agent.

A subagent is...

an unaffiliated broker working for the seller's agent who assists the seller's agent with a real estate transaction.

A misrepresentation:

is any untrue statement whether or not the person making it is aware if its untrue

Privity of Contract

places obligations on the individuals who are party to the contract. Third parties who are outside the contract are not bound by the rules of the contract but also do not receive any benefits from the contract.

The duty of a seller's agent to be loyal to the _______ trumps the duty to be forthright with the_______.

seller / buyer

All real estate contracts (with the exception of property management contracts) are required to contain a...

termination date.