Comprehensive Study 1 Up to Date Content
Post 301--Broker Relationships and
Responsibilities Latest Questions
and Graded Answers
Material
fact
Ans: About the property
Related to the property
Principal able to complete the transaction
Special importance
Disclosing material facts about a seller's property
Ans: To client or customer
Even if it hurts your customer
Regardless of how pubic the material fact is
Listing agent has highest responsibility
Buyer agent is responsible to disclose if known
Answer questions to avoid misrepresentation
Willful
Ans: intentional
Negligent
Ans: Unintentional--failure to exercise reasonable
care
Omission
Up to Date Content
, Comprehensive Study 2 Up to Date Content
Ans: Failure to disclose
Misrepresentation
Ans: Communication of false info--lie
Dual Agency
Ans: Disclosed and consensual
Not between two firms
Not automatic
Designated Agency
Ans: Disclose names to client
No later than presentation of offer
Easier to practice in larger firms
"Dual Designated" agents
BIC or other authorized person may appoint
Documents/Info gathered by Seller
Ans: Sellers deed/title
Survey boundaries
Copy of restrictive covenants
HOA Bylaws/rules/dues/assessments
Balance due on sellers mortgage (short
sale/foreclosure?)
Agency brochure
Up to Date Content
Post 301--Broker Relationships and
Responsibilities Latest Questions
and Graded Answers
Material
fact
Ans: About the property
Related to the property
Principal able to complete the transaction
Special importance
Disclosing material facts about a seller's property
Ans: To client or customer
Even if it hurts your customer
Regardless of how pubic the material fact is
Listing agent has highest responsibility
Buyer agent is responsible to disclose if known
Answer questions to avoid misrepresentation
Willful
Ans: intentional
Negligent
Ans: Unintentional--failure to exercise reasonable
care
Omission
Up to Date Content
, Comprehensive Study 2 Up to Date Content
Ans: Failure to disclose
Misrepresentation
Ans: Communication of false info--lie
Dual Agency
Ans: Disclosed and consensual
Not between two firms
Not automatic
Designated Agency
Ans: Disclose names to client
No later than presentation of offer
Easier to practice in larger firms
"Dual Designated" agents
BIC or other authorized person may appoint
Documents/Info gathered by Seller
Ans: Sellers deed/title
Survey boundaries
Copy of restrictive covenants
HOA Bylaws/rules/dues/assessments
Balance due on sellers mortgage (short
sale/foreclosure?)
Agency brochure
Up to Date Content
