Which statement is TRUE of a real estate broker acting as the agent of the seller? The broker can agree to a change in price without the seller’s approval. The broker can disclose confidential information about the seller to a buyer if it increases the likelihood of a sale.
Which of these situations would be considered a dual agency?
Which of the following would be considered dual agency? A broker’s acting for both the buyer and the seller in the same transaction. Which of the following would be considered lawful practice in real estate brokerage? A seller has listed her home with a broker for $190,000.
Which of the following is the best way to describe a broker’s duty in keeping their principal informed and updated on the transaction?
The answer is disclosure. It is the agent’s duty to keep the principal informed of all facts or information that could affect a transaction.
Which of the following is a primary real estate brokerage activity?
Which of the following is a primary real estate brokerage activity? Locating a landlord for a tenant. real estate commission, council, or similar board.
Which of the following can terminate an agency relationship?
Which of the following can terminate an agency relationship? An agency relationship may be terminated by mutual agreement; revocation by principal; renunciation by agent; expiration of its term; extinction of its subject matter; death or incapacity of either principal or agent.
What is a multiple listing also known as MLS )?
What Is a Multiple Listing Service (MLS? A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another’s listings of properties for sale with the goal of connecting homebuyers to sellers.
Is dual agency a good idea?
The bottom line is that dual agency is certainly a good thing for the agent but is typically a negative scenario for both the buyer and seller, as neither party is getting fair representation. This is an especially negative arrangement for inexperienced buyers and sellers who really need professional guidance.
Who are the principles in a real estate transaction?
A principal is any person involved in a contract, such as a seller, buyer, principal broker, or an owner who has hired an agent as a property manager. A client is a party who has signed an agreement with an agent, and this agreement creates a fiduciary relationship.
What type of relationship exists between a broker and client?
Client vs. In a broker-client relationship, the real estate broker is representing the client and is acting as his or her legal agent in buying, selling, or leasing property. In Georgia, a broker-client relationship can only be formed by the parties entering into a written agreement.
What can a real estate broker do for a seller?
As an agent for the seller a real estate broker can solicit an offer to purchase the property from a prospective buyer A seller has listed her home with a broker for $190,000. The listing broker tells a prospective buyer to submit a low offer because the seller is desperate to sell.
What makes a real estate broker a dual agency?
A real estate broker’s responsibility to keep the principal informed of all the facts that could affect a transaction is the duty of Disclosure Which of the following would be considered dual agency? A broker’s acting for both the buyer and the seller in the same transaction. The relationship of a broker to his or her client is that of a/n
Can a broker act for both the buyer and the seller?
A broker acting for both the buyer and the seller in the same transaction A. must promote and safeguard the seller best interest. A. must promote and safeguard the seller best interest. A. The principals are not aware of such action
What makes a real estate broker a fiduciary?
The relationship of a broker to his or her client is that of a/n Fiduciary A real estate broker acting as the agent of the seller must promote and safe guard the seller’s best interest In designated Agency all of the following apply EXCEPT The same agent may represent both the buyer and seller at the same time
