Section 4 Unit 3-8

Sub-Agency

A licensee who works for Firm A, But who is engaged with Firm B to perform agency functions on behalf of Firm B's client.

An escrow officer is an example of which type of agent?

A limited agent

Jennifer is selling her property she hired Larry as her agent. Jane brings her prospective buyer client, Andrew, to see Jennifer's Property what us Larry's Role in the scenario?

A seller's agent

Beverly, a real estate license, doesn't represent either party to a specific relationship estate transaction. She merely help the parties handle paperwork. What role is Beverly taking in this transaction?

A transactional broker

Which one of the following provides the best example of single agency?

An agent from one firm acts as the agent fro the buyer.

Which of the following questions can an agent in a dual agency transaction answer without breaching her duties to either client?

Are you aware of any structural issues with property?

When can buyer and Seller provide dual agency consent?

At any time during the relationship even before a dual agency situation arises.

_______ Represent Madyson?

Both Jonathan and Gertrude

What's informed consent as it relates to dual agency?

Both buyers and sellers agree to allow the licensee to represent both parties. Written consent must be received from both parties.

April is the _____?

Customer

You represent the buyer , and another licensee from your brokerage represents the seller in the same transaction. What type of relationship do you and the other licensee have with your client?

Dual- Iicensed dual agency

In a single agency relationship, a firm represents____?

Either the buyer or seller

what can prevent confidential information from leaking?

Establishing policies and procedures related to dual agency situations.

True or False? A buyer's agent can also be a sub-agent?

False

True or False? Generally, the sub-agent and seller's agent create sub-agency without needing to involve the seller?

False

Single agency firms prohibit their licensees from doing what?

From representing the buyer and seller in the same transaction.

Which of the following is NOT true about single agency?

I single agency, one agent represents both the buyer and the seller in the same transaction

Camille has a listing fro a townhome, and appoints Ivy as her sub-agent.Ivy brings a buyer customer to the transaction, and the buyer purchases Camille's listing. What's true about the agency relationship in this situation?

Ivy is Camille's sub-agent and owes loyalty to the seller.

Which of the following is an example of Sub Agency?

Kayla is a licensee with ABC Realty and lists a property for seller Devon. Maurice is a salesperson with XYZ Realty Group and brings a buyer to the table, but owes fiduciary duties to the seller.

Firewall

Keeps each party's confidential information strictly separated, even though both agents work for the same brokerage.

Gertrude is the____?

Listing Agent

_______ represent April?

Neither Jonathan nor Gertrude

Frieda is practicing dual agency, and neither party seems to mind, even though she didn't obtain written informed consent. Is this illegal?

No. Without informed consent, it's illegal.

Is this an example of sub agency? Tim is represented by Kayla, an agent with Parent Group Realty, they are seeing Bonnie's house, which has been listed by her agent, Tiara, from the Truman agency.

Not a Sub-Agency

Is this an example of Sub-Agency? Ralph a licensee with Camp Realty group. H has a client, Debbie, who is selling her house. he thinks Debbie house is perfect for Stacy, a customer.

Not a sub-agency

Kayla is working for a single-agency from. Which if these actions is she NOT allowed to take?

Representing both the buyer and the seller in the same transaction.

Scenario: Jonathan is a licensee with Creek Realty. He's working with April, a buyer who has not signed an agency agreement with him. He shows her several houses, including Madyson's, a quaint ranch that Gertrude, the seller's agent with Oceana Agency, is listing. Assuming sub-agency is permitted by all firms and Madyson has agreed, who's who in this situation? Jonathan is the _______?

Sub agent

Assuming that dual agency is legal where these scenarios occur and that the licensees' brokerages permit it, which of these scenarios situations demonstrated illegal dual agency?

Tom is holding an open house for his client. Ruby, a buyer, says she wants to make an offer. She details her situation;'tom waits until she finished and then suggest that she offer a non-refundable earnest money deposit to strengthen her offer.

True or False undisclosed dual agency is a violation of state license law?

True

True or False undisclosed dual agency is a violation of your fiduciary duties?

True

True or False undisclosed dual agency is illegal?

True

True or False: Sub-agency is permitted in Ga?

True

True or False? Real estate firms can determine whether to permit sub-agency as an office policy or not?

True

Which of these situation is an example of designated (appointed) agency?

jacob a broker, acts as the dual agent and appoints mark to represent the buyer and Todd to represent the seller in the same transaction.