3.6 Flashcards
(17 cards)
If a bonus is offered by the listing broker to the buyer’s broker, it must be disclosed on the _______ Disclosure form.
Compensation
True or False:
A seller must only disclose his or her own personal experience with the property.
False
An arbitration request must be filed within ______ of closing.
24
True or False:
The buyer may elect to waive the Seller’s Property Disclosure.
True
For vacant land, a survey is a necessary element to obtain a building ________.
permit
What can be placed at the lot corners to indicate the boundaries when determining a site plan for a new structure?
stakes
True or False:
Covenants and restrictions stated on this form will always have a finite term of life.
False
During consultations or discussions, when should this form be presented and signed by the customer/client?
At the earliest possible time.
How many different roles of broker representation are defined in this form?
5
Name as many of the five broker representation roles as you can.
Seller's/Landlord's Broker Subagent Buyer's Tenant's Broker Dual Agency Facilitator
Name as many of the six fiduciary duties as you can.
Disclosure Reasonable Care Confidentiality Obedience Loyalty Accounting
True or False:
Arbitration Disclosure is meant as a general description of a mandatory arbitration option.
False
The agreement is an alternative means of dispute resolution that precludes the right to go to court over issues related to disclosure of _______.
material facts
True or False:
This disclosure is intended to “sell” the concept of arbitration.
False
True or False:
A decision can be made about arbitration at any time up until closing, after which the arbitration option is no longer available.
False
True or False:
There are no up-front costs of filing for arbitration.
False
The window of opportunity for the buyer to request arbitration is ______ months after the date of the closing of the purchase agreement.
24
