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Real Estate Law Test 1
475.278-Authorized brokerage relationships
6
Real Estate & Planning
Undergraduate 4
09/17/2009

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Cards

Term
Can a Real Estate Licensee operate as a disclosed and undisclosed dual agent?
Definition
No
Term
Single Agent Disclosure
Definition

1.  Dealing honestly and fairly;

2.  Loyalty;

3.  Confidentiality;

4.  Obedience;

5.  Full disclosure;

6.  Accounting for all funds;

7.  Skill, care, and diligence in the transaction;

8.  Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

9.  Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

Term
Transaction Broker Disclosure
Definition

1.  Dealing honestly and fairly;

2.  Accounting for all funds;

3.  Using skill, care, and diligence in the transaction;

4.  Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

5.  Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

6.  Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

7.  Any additional duties that are entered into by this or by separate written agreement.

Term
No Brokerage Relationship Duties
Definition

1.  Dealing honestly and fairly;

2.  Disclosing all known facts that materially affect the value of the residential real property which are not readily observable to the buyer; and

3.  Accounting for all funds entrusted to the licensee.

Term
Transaction Broker
Definition
Having no more than a facilitator relationship, transaction brokers assists buyers, sellers, or both during the transaction without representing the interests of either party who may then be regarded as customers.
Term
Dual Agency
Definition
Dual agency occurs when the same brokerage represents both the seller and the buyer under written agreements. Individual state laws vary and interpret dual agency rather differently.
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