No brokerage relationship

Question 1

What is a no brokerage relationship (nonrepresentation)?

Answer 1

• The broker is not an agent of either party in a transaction

Question 2

In a no brokerage relationship (nonrepresentation), can the broker negotiate on behalf of either party?

Answer 2

• No, they may only relay information

Question 3

What are the 3 duties in a no brokerage relationship?

Answer 3

• “ADD”
• Account for all funds entrusted to the licensee
• Deal honestly and fairly
• Disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer

Question 4

In a no brokerage relationship or transaction broker relationship, how do we refer to the seller or buyer in the transaction?

Answer 4

• As the “customer”

Question 5

When must the duties of the no brokerage relationship be disclosed in writing?

Answer 5

• before the showing of property