45 hour post license real estate course (100% Verified Solutions)

agency correct answers The relationship of agents and their principals buyer brokerage agreement correct answers An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative. Community association correct answers can be Condominiums, Cooperatives, Vacation and time-sharing, mobil home park lots, which owners belong and are responsible for; i.e. assessments, documents, dues, ect. concurrency correct answers A state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs consent to Transition to Transaction Broker Notice correct answers A disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change Customer correct answers A person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationsip with the person. Designated sales associate correct answers A sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been appointed to be the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. Disclosure correct answers The revelation of information important to a transaction Dual agency correct answers An illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction False or misleading statements correct answers In real estate, a statement made by a licensee or party in a real estate transaction that is not factual. Fiduciary relationship correct answers A relationship of trust and confidence between an agent and principal Infrastructure correct answers In developements: roads, water, sewer, electricity are in place prior to homes being built.