You need more information before making a recommendation. 452, 1. In compliance with Act 2018-270, the LREC requires all employees to complete at least one hour of education and training on preventing sexual harassment. A licensed real estate agent who acts on behalf of a tenant in a commercial property transaction is known as? Resident Representative means (if any) the individual (or, if permitted in accordance with the Companies Acts, the company) appointed to perform the duties of resident representative set out in the Companies Acts and includes any assistant or deputy Resident Representative appointed by the Board to perform any of the duties of the Resident Representative; Factory representative means a representative employed by a person who manufactures or assembles motor vehicles or by a factory branch, for the purpose of making or promoting the sale of its motor vehicles, or for supervising or contacting its dealers or prospective dealers. (b) Timely presenting all offers to and from the client. a) Subagent b) Designated agent c) Dual agent d) Single agent. A seller comes into the real estate professionals office and signs a listing agreement in which the real estate professional will act as the sellers agent to sell a two-bedroom condominium for $170,000. In transactional brokerage, a real estate professional facilitates the transaction between a buyer and a seller but does not represent either party and cannot negotiate for either party. Real estate agent is found to be the agent of both the buyer and seller, but without the knowledge and informed consent of both parties, ILLEGAL. Dual agency exists when an agent represents both the buyer and the seller in the same transaction. a) first b) first substantive c) contract presentation d) first face-to-face. It is the highest form, providing the most confidence to the customer that the Realtor represents only the customer's interest. a) has to b) cannot c) must d) does not have to. 1872), "An agent is one who represents another, called the principal, in dealings with third persons. An agency relationship does not exist until a broker has a. a) opinion b) complaint c) answer d) determination. c) Suggest the buyer make a lower-price offer. The buyer wants to make a written offer that is 50% below the asking price. This practice is. If the statement is not signed, the buyer shall receive a $500 credit against the purchase price of the property. D. A licensee shall not be liable to a client for providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false. Unless special arrangements are made, real estate agents are advocates for the seller of property. The licensee represents the seller. Pay their own taxes (social security and self-employment taxes) Have no set work hours or job location Can be employed with another company or employer Covers his/her own expenses (transportation, cell phone) Either party can terminate the relationship at time, As independent contractors, what can sales agents be provided by their sponsoring broker? a) $3,220 b) $6,720 c) $3,024 d) $2,898. In this scenario who is the customer? In the typical property management contract, the real estate broker. 11) Several real estate boards and associations were prosecuted in the 1970s under federal antitrust statutes and abandoned price-fixing activities by settling under which of the following? a) Subagency is an easy way for the cooperating broker to share in the commission. (7) Customer means a person who is not being represented by a licensee but for whom the licensee is performing ministerial acts. Duties of licensees representing clients The agency relationship A. This close interaction often leads a buyer to believe that the agent is working in his best interests. c) The section of the hearing document that describes the allegations against the Respondent. The answer is an illegal interference with a contractual relationship. Is Amazon actually giving you a competitive price? a real estate brokerage firm, and all the brokers and agents for that firm, can act in a fiduciary capacity for both the buyer and seller in the same transaction; such a transaction is often referred to as "in-house." Single-license dual agency exists when. The buyer is the real estate professionals. The answer is withholding the information prevents the buyer from making an informed decision. b) seller's agent. An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is nevertheless entitled to compensation. The answer is advise the buyer if the listing price of the sellers house is unrealistic. The duties that an agent owes to a client are established by. How many hours of Fair Housing training must a real estate salesperson get every two years? The agents work for the company. A designated agent of a seller client has the duties and obligations of a. a) buyer's assistant. 4) The authority granted to the broker under a special agency is outlined in the ____________________, which typically authorizes the broker to perform basic actions like advertising and showing the property. Broker? Which duty does Stuart violate? (2) "Broker" means any person licensed by the Louisiana Real Estate Commission as a real estate broker. c. The answer is explain to the owner that his instruction violates federal law and that the broker cannot comply with it. a) for, with b) under, over c) with, for d) for, under. c) Hold an open house. What is an Exclusive Buyer-Broker Agreement? - NAEBA Age requirement for salesperson? Chapter 11 Flashcards | Quizlet a. Compensation; Agency relationship Buyers can easily assume that when they contact a real estate professional to show the buyers property, the licensee becomes their agent, even though under a listing contract the licensee may legally represent the seller. a) Single agency b) Facilitator agency c) Consensual dual agency d) Seller/Landlord agency. a) General agency b) Universal agency c) No agency d) Special agency. c) The agent has little exposure, since the problem was not mentioned on the signed disclosure form. 10) Which of the following terminations of an agency relationship could result in legal or financial ramifications? d. The answer is as soon as reasonably possible and before asking for any potential confidential information. The seller hires the agent and lists the property with him, authorizing him to show the property to interested parties and to negotiate a favorable selling price. Real estate brokerage agents are special agents, having only the ability to expose a property to the marketplace, show it, and negotiate. a) Loyalty b) Accounting c) Obedience d) Care. b) Any broker involved in the transaction. All written offers must be presented to the seller as soon as received. 24 terms. What disclosures, if any, must be made in the offer? Single agent disclosure. An agent in the same real estate office shows the home to a buyer, who presents a written offer. A property manager is usually a general agent and may sign leases on behalf of the landlord, in addition to other commitments. b) When an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement. (c) Timely accounting for all money and property received in which the client has, may have, or should have had an interest. What is the agent's best course of action? 6) Designated dual agency is an important alternative to dual agency because it can eliminate the potential conflict involved in a __________________ arrangement. A licensee who represents one party to a real estate transaction may provide assistance to other parties to the transaction by performing. 9) The hearing decision section that cites the penalty that the court is imposing on the respondent is called? Age requirement for salesperson? (14) Substantive contact means that point in any conversation where confidential information is solicited or received. This makes the consumer aware of different agency choices available before disclosing too much. This allows the licensee to maintain the license, be exempt from continuing education responsibilities, and have the option to activate the license fairly quickly if desired. Applicable Authorized Representative means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Administrative Agent and (ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative. - Primary purpose to "Protect Public" - Salesperson to be 18 yrs or older - Broker to be 20 years or older Sponsor She wishes to obtain a real estate license. Most jurisdictions require agents to disclose to buyers the fact that they only represent the seller in the transaction. The answer is the seller. a) independent agents b) principals c) agents d) subagents. She has a 60% commission split with her broker. d) By the expiration of the agency agreement. b. c) Only if the agent informed the seller and they executed the blanket unilateral offer of subagency addendum at the time the listing was taken, this is known as dual blanket agency. a) The New York State Disclosure Form For Buyer and Seller. Must this information be disclosed to a client? Review a prospective investment property on behalf of another. a) exclusive right to represent b) designated agent c) undisclosed dual agency d) subagency. The sales associate is the agent of the broker. d) The buyer of the property. 4) An agent fails to discover flood marks on the walls in the basement of a property. An associate broker lists her brothers home for sale. Who represent the insured? b. Examples of these acts include but are not limited to: (a) Responding to phone inquiries by persons as to the availability and pricing of brokerage services. ADEM does not concern itself with septic tanks, and the Army Corps of Engineers usually becomes involved only with wetlands issues. When a broker does not represent either party in a transaction and acts as a facilitator or nonagent, the arrangement is known as transactional brokerage and is legal in some states. A property manager usually represents the principal in a broad range of matters and is usually considered a general agent. The buyer and/or seller is known as the Principal or Client The salesperson or broker is known as the Agent. a) Puffing b) Passive fraud c) Negligent misrepresentation d) Active disclosure. In Alabama, a licensee must disclose the types of brokerage services available on a written disclosure form that is approved by the AREC before gaining any confidential information. a) By performance. Licensees relationship with customers There shall be no imputation of knowledge or information among or between the clients, brokers, or their affiliated licensees. (3) Disclose all latent material defects in the property that are known to the licensee. A licensee may act as a dual agent only with the informed written consent of all clients. The answer is a transactional broker. The agency assigns one of its agents to work exclusively with the buyer and another to work exclusively with the seller. Only if there's no termination date in the agency agreement B. However, such a relationship shall not constitute dual agency if the licensee is the seller of property that he owns or if the property is owned by a real estate business of which the licensee is the sole proprietor and agent. They might owe two separate commissions as a result, but that sometimes happens. 3) Under which of the following circumstances would a broker lose or have their license suspended for a law violation committed by an associated licensee? The firm advertises that its agents are experts in property management, specifically long-term vacation rentals, but it also does residential sales. Back to Top, 3893. a) $1,000 fine only b) One year in prison only c) Either fine, imprisonment or both d) $5,000 fine. ) d. The answer is agent and subagent. A licensee shall not be liable to a customer for providing false information to the customer if the false information was provided to the licensee by the licensees client or clients agent and the licensee did not have actual knowledge that the information was false. 452, 1, Acts 2015, No. 3896. The situation places the broker in the position of either violating the fiduciary duty of obedience or violating the federal Fair Housing Act. d) Gather information for a comparative market analysis. By contrast, insurance brokers represent insurance buyers. CARD TM Hazard Communication Standard Pictogram The Hazard Communication Standard (HCS) requires pictograms on labels to alert users of the chemical hazards to which they may be exposed. c. The answer is the local county health department. 7) What do we call an agent who represents a seller exclusively in a real estate transaction? Gary and Kelly In Illinois, the sponsoring broker identifies the licensee who represents the client as the client's designated agent. (ii) The disclosure is required by law or would reveal serious defect. According to which fiduciary duty is an agent prohibited from forcing on his or her client a sale, lease or opportunity to buy? d) Placing a sign on a property with the owner_s permission. about the physical condition of the property. 5) Which of these actions is a power that belongs to the Department of State? In Alabama, real estate agents are rarely employees. A prospective homebuyer signs a brokerage agreement under which the real estate professional will help this client find a three-bedroom house in the $185,000 to $200,000 price range. Most comprehensive library of legal defined terms on your mobile device, All contents of the lawinsider.com excluding publicly sourced documents are Copyright 2013-, Initial Additional Authorized Representative. Subagency can only be created by a written agreement. Fax: 225-925-4501, The LREC is committed to preventing sexual harassment. AGENCY RELATIONS IN REAL ESTATE TRANSACTIONS Licensees are permitted to advertise personally owned property in their own name. The answer is customer. a) implied facts b) hidden facts c) material facts d) fiduciary facts. Authorized Representatives means those persons shown on the list of officers provided by the Borrower pursuant to Section 3.2(a)(iv) hereof or on any update of any such list provided by the Borrower to the Administrative Agent, or any further or different officers of the Borrower so named by any Authorized Representative of the Borrower in a written notice to the Administrative Agent. 4) Which of the following types of agency is not allowed in New York? Mark (the broker), is selling Marias house (the client). d) Bring criminal charges against a licensee. Broker? A real estate agency located in a jurisdiction that allows dual agency does not have to offer the designated agent option, but public policy favors the approach. c) Issue a reprimand upon a licensee_s conviction of a violation. The buyer notices water stains on the ceiling and informs the agent. 4) An Article 78 proceeding refers to which of the following? The answer is when the salesperson owns the property. A person passes the real estate license exam but has no desire to immediately begin selling real estate. Authorised Representatives the persons respectively designated as such by the Authority and the Supplier, the first such persons being set out in Schedule 4. c) Brokers are prohibited from commingling the funds of others with their own funds. The estimated net sheet for a residential real estate transaction must be prepared by the. Bribery Act: the Xxxxxxx Xxx 0000 and any subordinate legislation made under that Act from time to time together with any guidance or codes of practice issued by the relevant government department concerning the legislation. In single agency, the licensee has a client to whom she owes fiduciary obligations of advice and negotiation assistance. Mary tells Tom she wants him to use broker agents to help sell her property. d. The answer is before any compromising information is solicited from the consumer by the licensee. b) The air conditioner does not work. scene 4 (56-63) 30 terms. a) A broker will be guilty of a misdemeanor if he or she employs a salesperson who is not properly licensed. b. Designated Agency avoids the problem of creating a dual-agency relationship for City Representative means the Representative or appointee engaged by the City to supervise the work. 10) When the agency relationship has been terminated, the licensee is no longer considered the principal_s agent and does not owe any further duties to the principal, except for the following? a) seller's b) buyer's c) lender's d) broker's. b) The section of a hearing document that outlines what the court believes happened. As part of the fiduciary duties owed a principal, an agent for the buyer should disclose to the buyer if the property is overpriced. What the client gives up in this situation is the fiduciary duty of undivided? Who is acting as a designated agent, or agents, in this scenario? (4) Client means one who engages the professional advice and services of a licensee as his agent. a) Negligent b) Active c) Passive d) Puffing. Water sheets off the roof, saturates the ground, and pools in the basement to a depth of approximately two inches. Owners Designated Representative (ODR means the individual assigned by Owner to act on its behalf and to undertake certain activities as specifically outlined in the Contract. Designated Agent means the third party the division contracts with as provided in . In the law of agency, an agent is a person authorized to act on behalf of another. Who should the purchaser contact in order to conduct due diligence regarding the ability to build a home on the property and anticipated costs of sewage disposal? Relationships between licensees and persons, 3893. A card issued by the DOS to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker associated and shall certify that the person whose name appears there is a licensed salesperson. A real estate agent serves as what type of agent? Related to DESIGNATED AGENT" or "DESIGNATED REPRESENTATIVE.
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