7 - Brokerage Relationships - Laws and Practices (10/11)

Question 1

Material Fact

Answer 1

Any issue that would affect a seller’s willingness to sell and a buyer’s willingness to buy

Question 2

Designated Agency

Answer 2

Form of dual agency, one firm represents both the buyer and seller; confidential info must be protected, separate licensees, BIC and provisional broker can never be designated agents in the same transaction

Question 3

Oral Agency

Answer 3

May work under oral agreement up until the submission of an offer or when they want to make the relationship exclusive or finite

Question 4

Procurring Cause

Answer 4

concept that allows for a licensee to be entitled to a commission when involved in a chain of events that resulted in the sale, even if the client eventually purchased through another licensee or firm

Question 5

Working With Real Estate Agents brochure

Answer 5

Mandatory agency disclosure that requires licensees and consumers to discuss, disclose and decide on agency options

Must be provided to all consumers in a sales transaction no later than first substantial contact

Not required in property management