Termination by a Mutual agreement means
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, both the brokerage and the seller/buyer both mutually agree to terminate the
relationship. Termination by mutual agreement is documented using a
termination or cancellation form
Terminated by agreement methods
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-Completion of performance
-Mutual agreement
-Expiry
-Revocation
How should communication with a client of another brokerage take place?
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A salesperson from a co-operating brokerage must convey info to or ask
questions through the listing brokerage, and Not directly with the seller.
The same is true if the salesperson has a buyer client and a salesperson from
a different brokerage wants to communicate with this buyer
Implied authority is ------ given the nature of the relationship
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, Assumed
Marketplace term for acquisition/divesture by registrant is
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Purchase/Sale of Agreement
Termination by Completion of performance is
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automatic once the obligations under the terms of the agreement are fulfilled.
Occurs when the sale is completed and not when it is accepted.
What are the 4 limitations to the authority granted to a brokerage by a principal?
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1. Contracts
2. Delegation of duties
3. Purchase price
4. Expenses
, Termination by revocation means
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The principal has the power to revoke the authority of the brokerage to act on
their behalf.
But if the brokerage has fulfilled their duties and the principal revokes their
authority without justification, then it is unlawful. In this case the principal may
be liable for damages,
What are the limitations to Duty of Care owed to a customer?
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- disclosures of material facts that are known or ought to be known by a
salesperson
- any direct or indirect interest held by the salesperson or brokerage related
to a trade
- obligations to protect the privacy of the customer
- provide info only, not advice
What are some key terms included in the Buyer Rep Agreement
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, both the brokerage and the seller/buyer both mutually agree to terminate the
relationship. Termination by mutual agreement is documented using a
termination or cancellation form
Terminated by agreement methods
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-Completion of performance
-Mutual agreement
-Expiry
-Revocation
How should communication with a client of another brokerage take place?
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A salesperson from a co-operating brokerage must convey info to or ask
questions through the listing brokerage, and Not directly with the seller.
The same is true if the salesperson has a buyer client and a salesperson from
a different brokerage wants to communicate with this buyer
Implied authority is ------ given the nature of the relationship
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, Assumed
Marketplace term for acquisition/divesture by registrant is
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Purchase/Sale of Agreement
Termination by Completion of performance is
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automatic once the obligations under the terms of the agreement are fulfilled.
Occurs when the sale is completed and not when it is accepted.
What are the 4 limitations to the authority granted to a brokerage by a principal?
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1. Contracts
2. Delegation of duties
3. Purchase price
4. Expenses
, Termination by revocation means
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The principal has the power to revoke the authority of the brokerage to act on
their behalf.
But if the brokerage has fulfilled their duties and the principal revokes their
authority without justification, then it is unlawful. In this case the principal may
be liable for damages,
What are the limitations to Duty of Care owed to a customer?
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- disclosures of material facts that are known or ought to be known by a
salesperson
- any direct or indirect interest held by the salesperson or brokerage related
to a trade
- obligations to protect the privacy of the customer
- provide info only, not advice
What are some key terms included in the Buyer Rep Agreement
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