Texas Law of Agency Lesson 1 Quiz, Texas Law of Authority Lesson Two, Texas Law of Agency Lesson 3, Texas Law of Agency 4, Texas Law of Agency 5, Texas Law of Agency 5-2, Texas Law of Agency 6, Texas Law of Agency 6-2, Texas Law of Agency 7, Texas La...
An affiliated licensee has the responsibility to adhere to the rules and procedures specified by the principle broker and to also adhere to:
All federal, state and local laws As an affiliate of a principal broker and the firm, the licensee must abide by their agency contractual rules of practice. In addition, the licensee must abide by laws of the various governments.
Which of the following is a first substantive communication about a property?
Admiring the kitchen in an open house with a prospect Discussing an inspection report with a client Reviewing the advertised features of a house with a caller **Discussing pros and cons of several properties with a prospect Discussing pros and cons of several properties with a prospect
The relationship of a principal and a broker can be created by agreement between them. This is referred to as:
Agency The relationship of principal and agent can be created by agreement between them, referred to as an actual agency.
1: When a valid contract employs someone to do specific legal tasks and represent the interests of a principal to 3rd parties, what kind of relationship is created by this contract?
Agency When one party representing another in providing specified legal acts it is known as agency.
An agency might be terminated by the operation of law, Which of the following would be an agency terminated by the operation of law?
Bankruptcy Death Incapacity **all of the above An agency might be terminated by the operation of law by any of the above.
5: Which of the following is not a form of listing agreement?
Bilateral listing Bilateral is not a listing agreement. It is a contractual characteristic of being a two sided contract; bi.
The link to the IABS on the homepage of a business website must be:
Buried in the footer Barely noticeable **Readily noticeable Bigger than Dallas Readily noticeable.
According to the IRS, what makes a person an employee and not an independent contractor is:
Steady salary **Required work hours and required effort Dress code No withholding tax An employee situation has required work effort. An employee is told when to work and what work to do. An employee has specific work requirements such as set times to work, where to work, when to work, etc. They are not independent of the employer. An employee can be on commission and have withholding tax deducted from their pay. Any entity can have a dress code.
4: When a murder or violent crime has occurred on the subject property, it is known as which of the following?
Stigmatized property Stigmatized property is property that experienced a murder, suicide, child predators, or even AIDS.
3: What is the best time of the year to market real estate?
Spring and Summer Homes offered on the market in the spring and summer will fetch a higher price than at other times of the year, so the listing price can be set at a higher figure. Property shows much better when the grass is green, flowers bloom, and trees have leaves and plants are in bloom.
An Oklahoma broker steered a commercial client to XYZ Realty in Houston. What amount can XYZ Realty pay to the Oklahoma broker?
$50 gift $120 gift **An agreed amount between brokers Payment if a sales agent is not involved Texas allows brokers to pay compensation to other brokers (not salespersons) who are licensed in another state. This is even true if not part of the selling process. Example : A Texas broker gets a lead on a buyer moving to Corpus Christi from an Oregon broker. The Texas broker can share the commission received with Oregon broker who is not licensed in Texas .
In order for person to obtain their first real estate license, they must pass the test and:
**Be sponsored by a licensed broker Open an office Devise listing contracts Advertise to the public A salesperson cannot legally, work without an affiliation with a sponsoring broker, Enter into agreements with principals such as buyers, sellers, tenants, landlords, etc., List property of seller's in their own names, Open their own office to the public
John was contracted by a friend to list his home on the market. In order for John to list the friend`s home, John must:
**Be sponsored by a licensed broker Open an office Devise listing contracts Advertise to the public A salesperson cannot legally, work without an affiliation with a sponsoring broker, Enter into agreements with principals such as buyers, sellers, tenants, landlords, etc., List property of seller's in their own names, Open their own office to the public.
You are showing property to a buyer and the listing states that a "Representative" is the owner. This means that the individual owner is:
**Deceased Not available Disinterested Without merit When an owner dies, the person settling an estate is that owner's legal representative.
______________________is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.
**Express agency Implied agency Estoppel agency none of the above Express agency is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.
______________________is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.
**Express agency Implied agency Estoppel agency none of the above Express agency is created by either an oral or written agreement between the principal and the broker. It indicates their express intent for this representational status.
When the Commission requests information from a licensee, Chapter 1101 says that the licensee must respond:
**In a timely manner Within 30 days Non-response is acceptable The next day Chapter 1101 says "in a timely manner." There are not days specified. The Commission gets to determine what is a "timely manner."
Your buyer`s offer was modified by the seller. If your buyer wants to modify the seller`s counter offer, it must be:
**In writing, Signed by your buyer Signed by the seller's broker Signed by the sub-agent Any amendments to any real estate contract must be in writing and signed by the appropriate parties to the contract. Brokers are not part of the contract; no signatures.
In Texas and Chapter 1101 - TRELA, only a broker can be a(n):
**Intermediary Buyer's agent Seller's agent Dual agent Only a broker can contract with the seller and buyer and act as an intermediary negotiating between both.
Vern is an old veteran sales agent sponsored by Rainwater Realty. Vern can perform in all the following designations EXCEPT:
**Intermediary Buyer's agent Seller's agent Dual agent Only a broker can contract with the seller and buyer and act as an intermediary negotiating between both. Vern can only be an agent of clients.
When the Commission requests information from a licensee, the licensee must respond in a timely manner. If not responding properly:
**It would indicate a violation of TRELA and a suspension The Commission would issue a subpoena The Attorney General would get involved Court action would be taken This would be a prohibited act and could cause suspension.
When a loan officer for a lender verifies a buyer`s loan application and the information within it, this is known as:
**Loan underwriting Loan effort Background investigation Manifort effort The decision-making effort of a loan officer is known as loan underwriting.
When training sales associates, it is important that you teach them that success of the firm is their success and to always be:
**Loyal to the firm's interest Sales conscious Helpful to the firm's staff Aware of the Monday morning meetings In developing and training staff and associates, the training program should instill Loyalty, Co-operation, Respectfulness, Honesty, Commitment, Dedication, and Accountability for their actions.
Do sales agents have authority to appoint themselves as intermediaries? Type Yes or No.
**No No. Only a broker can execute an intermediary agreement. Written consent of the parties is also required.
A sales agent can receive commission from which of the following?
**Only the broker he/she is affiliated with or sponsored by With another sales agent located in the same brokerage office Tenants looking for commercial space Rental locator activities A salesperson may not accept compensation for a real estate transaction from a person other than the broker with whom the salesperson is associated or was associated when the salesperson earned the compensation.
A sponsored sales agent is an independent contractor under TRELA - Chapter 1101 of the Texas Occupation Code. This means that the sales agent:
**Pays their own FICA and withholding tax Has no dress code while at the firm's office Has to obtain liability insurance Is an employee & works for the firm Sponsored sales agents that are independent contractors pay their FICA taxes.
What is designed to clarify the role of the brokerage and the licensee and the company`s policies?
**The brokerage procedures manual given to each affiliate The listing agreements utilized by the firm The Multiple Listing Service contract with each affiliate The agency contract section on commissions Each brokerage should give every sales agent a company policy manual that is signed by both the broker and the affiliated licensee. This manual clarifies the role of the brokerage, the licensee, and the company's policies. This manual should address a variety of policy topics.3.8
The IABS form is important because:
**The legislature determined it was important for the consumer to understand the ways in which a broker could represent them and how to get in touch with the broker in charge BEFORE a consumer entered into a listing or buyer's representation agreement. See A See B See All of the above The legislature determined it was important for the consumer to understand the ways in which a broker could represent them and how to get in touch with the broker in charge BEFORE a consumer entered into a listing or buyer's representation agreement.
When a new affiliate sales agent has a question on what to do, where can this information be obtained when the office is closed?
**The office procedure manual The MLS website The local TAR website Calling established agents at home One of the main areas of brokerage management is establishing an Operational Manual for staff and agents of a professional real estate firm. The manual is a written document which can bestow and set forth the firm's policies and procedures for practicing professional real estate.3.8
All listings under the control of a sales agent are:
**The property of the broker The property of the sales agent Shared 50 - 50 by the broker and sales agent Negotiated upon severance All listings by affiliated sales agents are owned by their broker.
If a licensee`s spouse was involved in misrepresentation of property to the public, the Commission would:
**Treat this as if the licensee misrepresented Investigate to make sure it wasn't the licensee Note the event and place it on the licensee's record Not take action If a license holder took advantage of the general public directly or through a legal party such as a spouse, the Commission would take action.
Which of the following is an example of bad communication between you and your client?
**When one party requests information from another and there is no response Your smartphone stops working Your broker does not have time to talk The office server goes down Whenever any information is left hanging it could cause the transaction to fall apart. This is also true with a real estate transaction. When one party requests information from another and there is no response, the immediate reaction is why? You do not want any question marks involved with any of the principals in a real estate transaction.
3: When a broker is functioning as a fiduciary on behalf of a seller, the fiduciary duties would include which of the following?
-Obey the seller's requirements -Have the necessary abilities to perform -Perform only prudent actions that the broker can perform All of the above A fiduciary must have the abilities to perform and obey a client's needs. A fiduciary must prudently perform as needed by the client. There is no personal monetary requirement of a fiduciary. Show related content
4: A seller refused an offer at the listing price and wanted to wait to see if a higher offer would be coming in. As a result of this situation:
A full commission would be due If a firm fulfills the requirement under an MLS listing agreement to bring a willing and able buyer offering the asking price, a commission is owed the firm. Show related content
A sales agent may not accept compensation for a real estate transaction from a person other than:
A licensed broker **Their designated affiliate broker A sales agent in their business office All would be allowed A sales agent may not accept compensation for a real estate transaction from a person other than their affiliate broker who is sponsoring the sales agent.
You are working with your buyer and she is going through a divorce. She wants to make an offer on a house, but wants the divorce settled first. You need to provide an offer with which of the following?
A loan free of the other spouse **Add a contingency that the divorce must be finalized prior to closing Sit on an offer until the divorce is final Ask the seller to put the property on the sidelines temporarily The offer can be made, but you should have a contingency stating that the divorce must be finalized prior to closing.
Usually a change by the seller or buyer to a purchase and sales contract is done by:
A new contract **An addendum or Ammendment Their lawyers Their broker The buyer and seller can only make changes. It is usually done by addendum so that the contract remains clean; no crossing out and initials.
A broker cannot pay a portion of a commission to which of the following?
A resident broker **A non-resident broker An affiliate sales agent A non-resident sales agent A broker can share with another broker (sub-agent) without restrictions. A broker can only share commission with a sales agent that he/she is affiliated with.
A broker cannot pay a portion of a commission to which of the following?
A resident broker A non-resident broker An affiliate sales agent **A non-resident sales agent A broker can share with another broker (sub-agent) without restrictions. A broker can only share commission with a sales agent that he/she is affiliated with.
3: Which of the following is not an example of misrepresentation?
Puffing Puffing is just an exaggeration that is obvious to the listener and not misrepresentation. Example: "Isn't this the cutest little house you have ever seen."
When the buyer and seller each sign an agreement to allow a broker to represent them in a transaction, this creates:
An intermediary agency Intermediary agency is when a broker is representing both the seller and the buyer in the same real estate transaction. The broker promises a duty of confidentiality, loyalty, full disclosure and dedication of purpose to both parties at the same time. It is necessary to specify these duties in this situation and with both parties agreeing on the intermediary agreement.
You are contacted by a business to sell one of its locations. If the business is a corporation, you would need to obtain which of the following to get started?
An officer of the corporation **The person appointed by the Board of Directors The president of the corporation The financial officer of the corporation You need to find out who the board of directors has appointed to handle the sale for the corporation. Even the president would need board of director's approval.*
5: A seller may agree that the seller`s agent can share compensation with which of the following?
Another broker Brokers can only share commission with another broker. The direct payment to a sales agent. Usually the selling broker shares commission with the buyer's broker. These brokers then pay their respective sales agents. 3.3 Show related content
5: What information would not be needed when learning about the neighborhood for a selling home?
Availability of handyman services Maintenance services are rarely asked by buyers. The usually do it themselves.
2: Which of the following would allow the Information About Brokerage Services disclosure to be oral in nature to a customer/3rd party?
Casual contact at an open house with a possible buyer Being contacted by a buyer's agent for one of your listed properties Contact by phone by a buyer's agent ****All would allow an oral notification. Agency disclosure may be oral or in writing. It depends on the circumstances and the discretion of the licensed sales agent.
An addendum to a purchase and sale contract is done for which of the following purposes?
Changing the broker authority Changing the commission amount Rebating back to the buyer or seller **Making a change to the real estate contract To make modifications to a purchase and sale agreement involves the attachment of addendums. It is the safest and most effective way of making changes.
5: In establishing a listing for a client, which of the following is needed to market the property?
Comparable Sales in the neighborhood Photos of the Property What times does the Seller want to Show of the Property ****All of the above There are other aspects to listing a home but knowing the neighborhood to price the listing is important, showing times are important if the seller works days and a picture says a lot about a property. Show related content
2: When comparing other properties with your client`s property and coming up with a listing price, it is best to:
Compare the house with similar homes that sold It is best to compare a home with homes that have sold. Homes up for sale could be inflated. Homes that have not sold should not be used. Show related content
Agency by Estoppel is also known as_________________________________.
implied agency express agency written agency **ostensible agency Agency by Estoppel is also known as ostensible agency.
When a licensee begins working with a buyer, it is in the buyer and licensee`s best interest to do which of the following?
Establish a buyer's agency agreement Buyer's Agency Agreement - It states that the broker represents the buyer and that the buyer has an obligation to the broker for commission during term of the agreement. However, usually the seller pays this commission to the buyer's broker.
Federal and State Anti-Trust laws would not consider which of the following broker actions to be anti-trust activities?
Fixing the commission rate levels on the MLS Brokers dividing up specific areas of the city among themselves Deciding not to do business with brokerages that pay a lower commission **Favoring minorities with greater effort Favoring minorities is not anti-trust activities that would injure the overall public. Fixing the commission rates and not competing with each other in specific areas of the city is anti-trust activities. Minority considerations is the Federal Fair Housing laws.
A link to the IABS must be posted on a license holder's:
Front Door Front Bumper of their car Usual table at Starbucks **Homepage on their business website Homepage on their business website
2: In determining the price that a seller client`s home should be listed as, which of the following areas should not be utilized?
Homes currently up for sale Homes that have NOT sold should never be used. Title insurance companies keep up-to-date records of properties by area. Peers usually have good input. CMAs are indications of sales in the subject home's area.
The general duties of a sales agent owed to their client and 3rd parties are to perform with:
Honesty and fairness in all situation The general duties of a licensee are to be fair and honesty in all business dealings.
Agency by Estoppel is also known as_________________________________.
Implied agency express agency written agency **ostensible agency Agency by Estoppel is also known as ostensible agency.
5: If the agent goes beyond contractual authority and the principal does not object to the agent`s action, this is known as which of the following authorities?
Implied authority If a principal allows continued actions beyond an agency contract, the principal is implying that the actions are approved. This is also known as ratification. Show related content
Which of the following would a loan underwriter verify from a buyer`s loan application?
Income Total debt and monthly payments Payment history from revolving debt **All would be verified Education is not a consideration. Current living conditions is not a consideration.
1: If a broker becomes aware of any material misrepresentations, the state requires the broker to:
Inform all possible principals It is important that a broker emphasize the need for accuracy of the information provided by the seller. If a broker becomes aware of any material misrepresentations, the state requires that the broker bring up these matters with all principals if the seller does not.
1: If a broker becomes aware of any material misrepresentations, the state requires the broker to:
Inform all possible principals It is important that a broker emphasize the need for accuracy of the information provided by the seller. If a broker becomes aware of any material misrepresentations, the state requires that the broker bring up these matters with all principals if the seller does not. Show related content
4: The Texas Real Estate Commission form known as the Information About Brokerage Services form OP-K is designed to provide the public with:
Information on the services provided by brokerage firms & agency representation TREC Form # OP-K provides information on the brokerage services provided by a real estate firm. It also discusses the position a broker must take with owner representation, buyer representation, and dual or intermediary agency situations.
2: When a broker is negotiating on behalf of the seller with a listing and a buyer for the listing, the broker will be legally functioning in which capacity by a signed agreement of the seller and the buyer?
Intermediary An intermediary is a broker who negotiates the transaction between the parties subject to the Representation Provisions of the Act. The intermediary may, with the written consent of the parties, appoint licensees associated with the intermediary to work with and advise the party to whom they have been appointed. Show related content
2: Jason is a broker and working with a buyer. The seller is paying for his commission. The buyer would like to pay Jason a bonus for his expert service. How can Jason accept this extra compensation from the buyer?
Jason can accept the payment after full disclosure to both the buyer and the seller As a broker, Jason may accept compensation from both parties if full disclosure is made and accepted by both. If he was a sales agent, the bonus would have to go through his affiliated broker. Show related content
4: Under the listing agreement signed by the seller, the seller promised to:
Provide marketable title at closing The owner promises to provide marketable title at closing of any sales transaction. The seller CAN give permission for personal property, signage, and lockboxes, BUT it is not required of the seller.
It is important to instill which of the following characteristics for staff employees and associate licensees by the broker?
Loyalty to the firm Respectful to clients Honesty of action **All of the above In developing and training staff and associates, the training program should instill Loyalty, Co-operation, Respectfulness, Honesty, Commitment, Dedication, and Accountability for their actions.
3: Agent Bob knows that the road infront of a listed home is going to be widened in two years. If he fails to mention this to customers negotiating for a purchase of his client`s home, this is an example of which of the following?
Misrepresentation Failing to mention "material facts" about the subject property is an example of a concealment misrepresentation. It is not a criminal wrong, but is a civil wrong that could subject the agent to a civil lawsuit or litigation. 3.6
________________________________ means information communicated to a real estate licensee or the licensee`s broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell.
Range information Promissory information **Confidential information Non-recourse information Confidential information means information communicated to a real estate licensee or the licensee's broker by the buyer or seller of 1-4 residential units for a real estate transaction, including, but not limited to price, terms, financial qualifications or motivation to buy or sell.
You have a seller who is worried about their listing with you. Apparently, there are some rumors being spread by a real estate firm that Syrian refugees are moving into the neighborhood and they should sell as soon as possible. This is an example of:
Redlining **Blockbusting Puffing Steering Blockbusting is spreading rumors about ethnic minorities moving into the neighborhood and thereby generating business for the real estate licensee. The rumors are used to induce people to sell real property quickly for less than what the property is worth. Blockbusting is also called panic peddling.
Jenny is a salesperson with a Latino heritage. When she is referred to buyers of her nationality, she tends to take these buyers to the area of the city where well-to-do Latinos live. This is a bad practice on her part and is known as:
Redlining Blockbusting Puffing **Steering Steering is the illegal funneling of home buyers to a particular area based on the desire to keep the ethnic makeup of that neighborhood the same.
In the event that it is necessary for a purchaser to obtain possession of a home prior to the actual close of the sale, which of the following procedures must be followed:
Rental agreement furnished signed by all parties to the transaction Prior to moving in, the agreed monthly rent must be paid and prorated to the time of closing Enough copies made and given to all parties of the transaction **All of the above All of these requirements must be met.3.15
1: The Yonny family employed Besson Realty to sell their home. The family signed Besson Realty`s listing agreement. This is an example of which of the following?
Seller Agency Besson is the "agent" for the Yonny family selling their house. 2.2 Show related content
There was a very complicated sale involving salespersons in the office and one working out of another office. In order to share commission with all of them, the listing broker would do which of the following?
Share the commission with all the resident salespersons **Share the commission with his/her affiliate salesperson and the other sales agent's broker Keep the commission earned by the outside sales agent Appoint the outside sales agent as a sub-agent A salesperson may not accept compensation for a real estate transaction from a person other than the broker with whom this salesperson is associated or was associated when the salesperson earned the compensation.
When an affiliated sales agent practices professional real estate on behalf of a principal, who is ultimately responsible for supervision of the sales agent`s actions?
The broker for the firm For the most part, only a real estate broker can control or supervise the real estate activities of another real estate licensee.
When there is a dispute between two sales agents within an office, the vast number of procedure manuals state that the first step in settling company agent disputes is by:Grievance Committee of the Local Board of Realtors
The broker for the firm The office manager of the firm **The agents themselves The All disputes between sales agents within an office are to be settled by the sales agents involved. In the event that the sales agents involved cannot settle the dispute between themselves, both parties should present their side to the principal broker and the broker shall make the final decision.
When deciding to work with a home builders and selling their new homes, one of the marketing tools you should discuss is which of the following?
The building materials used **Having a home warranty program backed by the builder The length of time it took for construction The local property tax base People buying new homes want a warranty.
A buyer wants to acquire a home from a recently deceased owner. Who would you be working with?
The heir in the will The possible heir listed on probate court **The executor representative for the estate of the deceased owner The State Revenue Department You need to find out who "legally" represents the deceased owner; the representative.
1: Compensation for a sale being paid to an affiliated sales agent can be paid by:
The licensed sales agent's broker Compensation to an affiliated sales agent can only be paid by the designated broker or brokerage the sales agent is affiliated with. Show related content
When a licensee begins working with a buyer, the licensee must just protect the buyer and represent the buyer`s needs unless:
The licensee has a listing contract with the involved seller creating dual agency A licensee when working for a buyer is a buyer's agent UNLESS under contract with the seller OR the licensee is selling their own property OR there is a signed agreement stating otherwise.
4: A listing contract is based on "personal aspect" between the broker and the seller. The listing contract can be terminated if which of the following occur?
The listing agreement expires The seller dies during the listing period The seller is injured and cannot function normally **All can terminate the listing contract Agency term expires - When the contract term expires, the agency automatically expires. Death - The agency is terminated upon the death of the broker or the principal. Incapacity - The agency is terminated if either party becomes mentally incompetent. Bankruptcy - In most cases the agency is terminated by the bankruptcy of either party. Destruction of the property - If the property is destroyed, the agency terminates. 2.25
A buyer came in with an offer that has a contingency. How would you explain this to your selling client?
The offer has a second individual that will be a silent owner The buyer is moving to the area **The offer requires an event to occur to make the offer binding on the buyer The buyer has two loan applications into various lenders Contingency Definition - A specified event that must occur in order to make a contract binding on the buyer.
3: In providing real estate brokerage services, the broker`s compensation may be paid by which of the following?
The seller The buyer A third party **Any of the above or combinations The broker's compensation may be paid by the seller, the buyer, a third party, or shared with another broker. However, sales agents can only receive compensation from their affiliated broker. Show related content
Personal assistants hired by salesperson do not need to be licensed for which of the following reasons?
They do not have an agency agreement with the broker **They do not work with the public Handling earnest money of clients is on behalf of the broker Taking phone calls from the public is not selling Most personal assistants of brokers and/or salespersons only do the office work of the licensee while the licensee is out making sales. Most states, including Texas, do not require a sales assistant to be licensed in that they are not working with the public. They cannot handle client money or talk to clients on the phone; except for appointment times for their boss.
4: Waco Homes Realty company and broker John Sampson have a listing through a sponsored associate salesperson. Another sales agent has a buyer who is making an offer on the listed home. Who would be the Dual Agent in this situation?
Waco Homes Realty Waco Homes Realty is representing a seller and a buyer through each of their sponsored sales agents. Waco Homes Realty is a dual agent. Show related content
Ann is sales agent and is about to list her first property through her brokerage firm. Unfortunately, it is late at night and no one is available by phone. What should she do?
Wait until the office opens and contact the office manager Go back the next day to the seller and bring her trainer **Open her procedures manual and follow the written procedures Get the seller to sign a blank listing agreement and bring it to the office the next day Having a client sign a blank agreement is illegal. If she waits until tomorrow the seller might find another agent. She should go to the procedures manual.
2: A 3rd party is simply the other party that is part of the real estate sales contract,the broker has no agency affiliation. Which of the following is the responsibility of a broker towards the 3rd party of a transaction?
Work with integrity Divulge known material facts of the property to the 3rd party Disclose the broker's affiliation and responsibility to his/her client ***All of the above An agent must reveal to all parties who the agent is representing in any
When providing a buyer with a home warranty, it should be:
Written in the purchase and sale agreement Provided the buyer by court order Registered with TREC **Provided as a separated agreement so as not to damage the purchase and sale agreement. This requires a legal document that could be handed to the buyer separately and then possibly attached to the purchase and sale agreement. If given on a separated basis, the warranty would be a separated agreement.
Can you be a dual agent in the State of Texas?
Yes, as long as your broker agrees Yes, as long as you don't disclose it No, you have to disclose it verbally **No, you must go from being a dual agent to an intermediary agent and make sure all parties agree in writing No, dual agency violates TRELA. Beginning in 2003, the only legal way to represent both sides of a transaction is through the "intermediary" process.
You are holding an open house and a few people come through the door. What are they known as?
client **prospect principal buyer agency A customer or prospect is also someone that you as an agent haven't converted into a client. Example: Someone viewing an open house you are holding is a customer/prospect.
You are holding an open house and a few people come through the door. What are they known as?
client **prospect principal buyer agency A customer or prospect is also someone that you as an agent haven't converted into a client. Example: Someone viewing an open house you are holding is a customer/prospect.
Jane, the seller , requested her broker, Dave, to relay some confidential information to the buyers. What should Dave do?
get the request in writing present the confidential information to the buyers not honor the request because it is confidential information **Both a and b Information that the seller instructs the licensee to relate to the buyer is not considered confidential information and Dave may relate this information. He should do so in writing to protect all of the parties. Show related content
3: Escrow makes commissions payable to?
the brokerage firms involved in the transaction Commission Payable - The commission to be payable at the closing of the sale to the selling broker. The selling broker would then split the commission appropriately. Show related content
