Agency Relationships RE
Violet is acting as a single agent. Her client asks her a complicated question about taxes. How should Violet answer?
"I'm not a tax attorney, so I can't answer that. Let me see if I can find one for you to ask."
So we know both parties to the transaction must agree to dual agency in order for you to act in this capacity. When can a buyer and seller provide this consent?
-At any time during the relationship, even before a dual agency situation arises -When a possible dual agency arises
Which of the following is true of agency agreements?
A listing agreement is an express agreement.
A licensee has several tasks to perform for seller clients. What's one of those tasks?
Communicate all offers and counter-offers to the sellers.
Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Luciana's responsibility to Sofia?
Disclose that the buyer will not have the funds for the down payment unless he sells his current home.
Janelle's a broker who owns a small firm. She has decided that the firm will be a single agency firm. This means that her agents represent ______.
Either the buyer or the seller in each transaction
A licensee must perform which of the following tasks for a buyer client?
Ensure the buyer understands the importance of due diligence, including a professional inspection of the property.
Erik is acting in a single agency capacity in a transaction. What does this mean?
He's representing (and owes undivided loyalty to) either the buyer or the seller.
Which of the following is NOT true about single agency?
In single agency, one agent represents both the buyer and seller in the same transaction.
Estelle is representing seller Margaret. Which of the following tasks is one that Estelle is required to perform as Margaret's agent?
Inform Margaret about required property condition disclosures.
Karla works for a single-agency firm. Which of these actions is she NOT allowed to take?
Representing both the buyer and the seller in the same transaction
It's the policy of Kathleen's brokerage to only practice single agency. Which of the following best describes this?
Representing either the buyer or the seller in a transaction, but never both at the same time
What responsibility does the seller's agent have to the seller?
Seek a sale at the best price at terms that are acceptable to the seller.
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties?
She's an agent to Cintra, and the seller is her customer.
If you represent the buyer and seller in the same transaction, what type of agency relationship do you have with your clients?
Single-licensed dual agency
When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale?
The licensee is permitted to list other properties for sale, even if they're competing properties.
In a buyer agency relationship, what relationship does the seller have to the licensee?
The seller is the licensee's customer.
A mortgage broker offers you a kickback for any buyers you refer to him. As long as you disclose this to your firm, you can accept this money.
false
Compensation can come through your broker, other agents, directly from a client or customer, or from mortgage brokers and title representatives.
false
You receive a referral fee from an agent in a neighboring county. This is okay because you disclosed it to your firm.
false
Which of the following duties does a licensee owe to a buyer with whom no agency agreement exists?
honesty
A licensee has a written listing agreement with a seller. Who is the licensee's client?
the seller
If a buyer wants to write an offer and asks for your help but doesn't want to sign an agency agreement with you, who do you represent?
the seller
If you've shown Suzie three properties, and she decides to put an offer in on one of them but hasn't signed an agency agreement with you, who do you represent?
the seller
Who does the agent assisting the buyer in a transaction represent if there's no buyer agency agreement?
the seller