Client Representation Agreements Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

Exclusive Right to Sell (Listing Agreement)

A

exclusive agreement with one broker; seller pays broker regardless of who sells the property (most commonly used type in CT)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Exclusive Agency (Listing Agreement)

A

exclusive agreement with one broker; seller retains right to sell without owing compensation to broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Open Listing (Listing Agreement)

A

nonexclusive agreement with multiple brokers; only selling broker is compensation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Exclusive Right to Represent Buyer

A

exclusive agreement with one broker; broker is entitled to compensation regardless of who located property; allowed but not typically used in CT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Exclusive Agency Right to Represent Buyer

A

exclusive agreement with one broker; broker is only entitle to compensation if broker locates property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Open Right to Represent Buyer

A

nonexclusive agreement with multiple brokers; only broker that locates the property is compensated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Negotiate

A

includes showing the buyer any property, discussing an offer with the buyer, engaging in the negotiation on behalf of the buyer or giving advice to the buyer about particular real estate; buyer agency agreement must be entered into before any negotiations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Preliminary Activities for Buyer

A

licensee may conduct preliminary activities before a written buyer representation agreement including give property info, give info on licensee’s firm, give info on mortgage rates and lending institutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Three Steps Before Working with a Buyer

A

ask if they are being represented by another firm, explain your firm’s policy on agency and customer relationships, tell the buyer not to provide confidential information unless and until the buyer and licensee have entered into an agency relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Commission Rates

A

the amount or rate of compensation is not fixed by law it is set by each broker individually and may be negotiable between you and the broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Net Listing

A

a listing contract in which the broker receives as a commission all excess monies above a minimum sales price agreed on by the broker and seller; prohibited by CT state law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Interest in Property

A

licensees who have a present or contemplated interest in a property listed with them must disclose that interest to all parties concerned; must also disclose any relationship that exists to the seller or buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Material Facts

A

an important fact about real estate or the transaction which influence the buyer or seller’s decision; duty to disclose about a property or transaction and cannot misrepresent or conceal; applies even when the licensee does not represent a party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Non Material Facts

A

a fact related to whether a property occupant has or had a disease, emergency illness or health condition listed by the Public Heath Commissioner or the fact that there was a death or felony on the property is not considered material - however if the purchaser or tenant advises in writing that this information is important to their decision then the owner does have a duty to disclose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Sales Price

A

must be accurately represented; must state the actual selling price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Property Condition Disclosure

A

sellers are required to provide prospective buyers with a report in all residential real estate transactions

17
Q

Off Site Conditions

A

potential liability exists for failure to disclose offsite hazardous waste conditions and properties on which hunting and shooting take place; CT law excuses both the seller and the sellers agent of liability if the seller provides a written notice to potential purchasers of the availability of DEEP lists

18
Q

Agency Disclosure

A

a licensee representing a seller or landlord in a residential transaction is required to make a written disclosure of whom he or she represents in the transaction to any unrepresented party in the transaction

19
Q

Internet Advertising Requirements

A

licensee’s name & office address, name of broker that the licensee is affiliated with, all states where the licensee is licensed, last date that the property information was updated

20
Q

Signs

A

brokers must obtain written consent to place for sale or for rent signs on the seller or landlords property and must have a valid listing contract