Exam (elaborations)
POST-LICENSING- 301 BROKER RELATIONSHIPS AND RESPONSIBILITIES
- Course
- Institution
POST-LICENSING- 301 BROKER RELATIONSHIPS AND RESPONSIBILITIES
[Show more]
Content preview
POST-LICENSING- 301 BROKER RELATIONSHIPS ANDRESPONSIBILITIES
Agency obligations come from 3 sources - Answers- 1. Common law
2. State law
3. Commission law
When a licensee breaches agency obligations, all of the following are potential
consequences: - Answers- 1. Civil liability
2. Criminal liability
3. Ethical violations
4. NCREC Disciplinary actions
The Commission may never _________________ a licensee as part of a disciplinary
action - Answers- Fine
Fiduciary duties and obligations are important in the real estate industry because they
impact the ____________ that consumer have in working with real estate professionals.
- Answers- Trust
Firms owe fiduciary duties to their __________________. - Answers- Principals aka
Clients
Licensees owe duties to the _________ and also to _______________ through
__________________. - Answers- Licensees owe duties to the FIRM and also to
CLIENTS through SUBAGENCY
OLDCAR- O - Answers- Obedience
OLDCAR-L - Answers- Loyalty
OLDCAR-D - Answers- Disclosure
OLDCAR-C - Answers- Confidentiality
OLDCAR-A - Answers- Accounting
OLDCAR-R - Answers- Reasonable Skill, Care and Diligence
Real Estate licensees are required to follow the instructions and direction of the
____________ unless those instructions are_______________ - Answers- Real Estate
licensees are required to follow the instructions and direction of the CLIENT unless
those instructions are ILLEGAL.
, If the instruction is illegal then a real estate professional should take the following
action....... - Answers- Terminate the relationship
Typical agency relationships in real estate DO NOT permit the agent to..... - Answers-
1. Make the decisions for he client
2. Sign client's name
3. Make offers or accept on behalf of client
Obligation of loyalty requires a Real Estate professional to put the ___________ interest
above all others, including _____________- - Answers- Obligation of loyalty requires a
Real Estate professional to put the CLIENTS interest above all others including YOUR
OWN.
A licensee has many obligations of Disclosure, disclosures include..... - Answers- 1.
Agency explanations
2. Material Facts
3. Interests in the transactions
4. Status as a licensee
A licensee must keep confidential all of the following of their client..... - Answers- 1.
Motivations
2. Finances
3. Objectives of Pricing or eventual amt willing to pay or accept.
4. Personal Information
A licensee has an obligation to ___________________ and _________________
handled in a real estate transaction- MONEY - Answers- A licensee has an obligation to
SAFEGUARD ALL MONEY and DOCUMENT ALL MONEY handled in a real estate
transaction.
Real Estate agents are required to make an____________ to every customer/ potential
client at ______________ by using the WWREA brochure - Answers- Real Estate
agents are required to make an AGENCY DISCLOSURE to every customer/ potential
client at FIRST SUBSTANTIAL CONTACT by using the WWREA brochure.
First Substantial client contact occurs any time the agent solicits or the client offers..... -
Answers- 1. Personal
2. Financial
3. Motivation
4. Wants, Needs or Desires.
The IRS classifies brokers as.... - Answers- Statutory Non- Exempt
Business and professionals are required to check the list at DONOTCALL.GOV every
___________ days. - Answers- 30 Days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now