Transaction broker relationship

Question 1

Why was the transaction broker relationship created?

Answer 1

• For both the buyer and the seller to be represented in the same transaction within the same brokerage

Question 2

In a transaction broker relationships, is the buyer or seller responsible for the acts of the licensee?

Answer 2

No

Question 3

Does a transaction broker relationship provide limited representation of full fiduciary reprensentation?

Answer 3

• Limited representation

Question 4

Transaction broker duties

Answer 4

-“ADD”
- Account for all funds
- 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

• • “UP”
    -Use skill, care, and diligence in the transaction
• Presenting all offers & counteroffers in a timely manner
• • Two Unique Duties
• Exercise limited confidentiality (cannot discuss price, motivation, or financing)
• Perform any additional duties taht are mutually agreed to with a party that don’t go beyond scope of limited representation

Question 5

Limited confidentiality prevents disclosure of which five things?

Answer 5

• Seller will accept a price less than the asking or listed price
• Buyer will pay a price greater than the price submitted in a written offer
• Motivation of the parties for selling and/or buying the property
• seller or buyer will agree to alternative financing (terms other than those previously disclosed in writing)
• any other info requested by a party to remain confidential