NCREL POST LICENSING 301 BROKER
RELATIONSHIPS AND RESPONSIBILITIES
A runway is planned in the next 20 years near a property that I purchase. I later
sell the property. To which party must I disclose the plan for a runway? -
ANSWERS-All parties
A listing broker is aware of a hidden defect in the home. The seller marks no
representation on the disclosure statement, so the listing agent does not disclose
the defect in marketing or on MLS. The buyer's agent does not uncover the
defect. After closing who is responsible for the lack of disclosure to the
purchaser? - ANSWERS-The listing broker only - this is willful omission. If the
buyer's agent had discovered the defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the
grid and plans to install solar panels. The buyer's agent finds a home with a south
facing roof and tells the listing agent how excited her buyer is to install the solar
panels on this home. After closing the solar panels are installed. The city notifies
the buyer this is against city ordinance and must be removed. Who is responsible?
- ANSWERS-Both buying and selling agent - both should have contacted the city
zoning board to determine if solar panels were allowed.
A seller's agent or sub-agent must initially disclose her agent status to a
prospective buyer when? - ANSWERS-Before buyer and agent discuss motivation
or financial information.
, What fiduciary duties are owed to principals? - ANSWERS-Obey, Loyalty,
Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller
under what agency? - ANSWERS-Dual Agency - agent cannot advise or council
Material facts which must be disclosed - ANSWERS-Pending foreclosure, adverse
conditions, neighborhood changes, anything that will affect a decision to buy or
sell
How are fiduciary duties affected by dual agency? - ANSWERS-The firm's duties
are split equally between buyer and seller.
The agents role will be reduced to the contractual benefits of the contract.
If you are a provisional broker and your BIC lists and sells property. What agency
is allowed if you bring a buyer to the BICs listing and an offer is made? -
ANSWERS-Both BIC and provisional broker are dual agents.
The firm is also under dual agency
In a firm that practices dual agency, in any transactions involving designated
agency, when must a broker representing the seller discuss and disclose to the
seller the name of the buyer's agent? - ANSWERS-No later than presentation of
the offer to purchase.
RELATIONSHIPS AND RESPONSIBILITIES
A runway is planned in the next 20 years near a property that I purchase. I later
sell the property. To which party must I disclose the plan for a runway? -
ANSWERS-All parties
A listing broker is aware of a hidden defect in the home. The seller marks no
representation on the disclosure statement, so the listing agent does not disclose
the defect in marketing or on MLS. The buyer's agent does not uncover the
defect. After closing who is responsible for the lack of disclosure to the
purchaser? - ANSWERS-The listing broker only - this is willful omission. If the
buyer's agent had discovered the defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the
grid and plans to install solar panels. The buyer's agent finds a home with a south
facing roof and tells the listing agent how excited her buyer is to install the solar
panels on this home. After closing the solar panels are installed. The city notifies
the buyer this is against city ordinance and must be removed. Who is responsible?
- ANSWERS-Both buying and selling agent - both should have contacted the city
zoning board to determine if solar panels were allowed.
A seller's agent or sub-agent must initially disclose her agent status to a
prospective buyer when? - ANSWERS-Before buyer and agent discuss motivation
or financial information.
, What fiduciary duties are owed to principals? - ANSWERS-Obey, Loyalty,
Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller
under what agency? - ANSWERS-Dual Agency - agent cannot advise or council
Material facts which must be disclosed - ANSWERS-Pending foreclosure, adverse
conditions, neighborhood changes, anything that will affect a decision to buy or
sell
How are fiduciary duties affected by dual agency? - ANSWERS-The firm's duties
are split equally between buyer and seller.
The agents role will be reduced to the contractual benefits of the contract.
If you are a provisional broker and your BIC lists and sells property. What agency
is allowed if you bring a buyer to the BICs listing and an offer is made? -
ANSWERS-Both BIC and provisional broker are dual agents.
The firm is also under dual agency
In a firm that practices dual agency, in any transactions involving designated
agency, when must a broker representing the seller discuss and disclose to the
seller the name of the buyer's agent? - ANSWERS-No later than presentation of
the offer to purchase.
