Sellers subagent - Study guides, Class notes & Summaries

COLORADO REAL ESTATE EXAM PREP STATE PORTION SECTION 5, FORMS AND CONTRACTS. QUESTIONS & ANSWERS, RATED A+/ The Supreme Court decision in the Conway-Bogue case relating to the practice of law by real estate brokers and employed licensees stated: - -Colorado licensees completing standard form are practicing law and have a limited permission to do so. The purpose of Commission Rule F relating to approved forms is to: - -help insure the brokers compliance with the Conway-Bogue decision of ...

Superior Real Estate Chapter 7 Exam 2024 Questions and Answers (Graded A) Agency -Answer-A relationship that exists in which one person is empowered to act on behalf of another; SIMPLY STATED: ACTING ON BEHALF OF ANOTHER Common Law of Agency -Answer-NCREC requires all agency agreements to be IN WRITING Principal/Client -Answer-The person for whom the agent acts Typically the party who hires the agents to act on his behalf Could be the buyer in a buyer agency agreement or the seller in a ...

2 specific codes in the New York Code of Rules and Regulations (NYCRR) - 1. Regulation 175.21 Supervision of salesperson by broker 2. Regulation 175.23 Records of transactions to be maintained Accountability - The duty of financial accountability recognizes that money received in an agency relationship is received on behalf of the principal, not the agent. The broker must put this money into a seperate trust account so as not to commingle the principal's funds with those of the brokerage. ...

Laws of Agency Questions and Answers Rated A+ Law of Agency A body of laws that govern the relationship between a principal and his/her agent. It defines the rights and duties of the parties in a real estate transaction. These laws are based on common law. Single Agency The practice of representing either the buyer or the seller, but never both in the same transaction. Dual Agency The practice of representing both the buyer and the seller in the same transaction. Discouraged in many states Re...

A state license is required for anyone who: a)sells their own property b)sells property for other people c)a and b d)none of the above ️: sells property for other people Which of the following arrangements does not qualify as an agency relationship in real estate transactions? a)a seller hires a broker to help locate a buyer b)a broker hires a sales associate to help locate buyers for properties or properties for buyers c)a buyer hires a broker to help locate a property for pur...

Texas Law of Agency- CE Source Questions and Answers Graded A Which entity may act independently in conducting a real estate transaction? Broker Which of the following is NOT a growing trend in real estate transactions? 1. Lower consumer expectations. 2. Use of buyer brokerage. 3. Legal protections for consumers. 4. Greater licensee professionalism. 1. Lower consumer expectations A licensee is prohibited from performing which of the following for a customer? 1. Discuss different types of m...

Law of Agency Practice Exam Questions and Answers (Verified Solutions) A buyer's agent may not tell the buyer any information told to the agent by the owner: False If a salesperson is an employee, the broker/employer must withhold income tax and Social Security from the salesperson compensation True The broker may give the seller advice and opinions about the price of the property and may do a CMA for the seller. The final decision concerning the listing price is made by the: seller Communit...

Colorado Real Estate Exam Prep State Portion Section 5, Forms and Contracts 100% Correct The Supreme Court decision in the Conway-Bogue case relating to the practice of law by real estate brokers and employed licensees stated: - Correct Answer ️️ -Colorado licensees completing standard form are practicing law and have a limited permission to do so. The purpose of Commission Rule F relating to approved forms is to: - Correct Answer ️️ -help insure the brokers compliance with the Co...

Law of Agency-Final Exam Review Questions and Answers Already Passed What are the minimum services an agent must offer; According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and 1. May not instruct another broker to directly or indirectly violate the sub chpt-1101.65b22, 2.Must inform the party if the broker Receives material information related to the transaction to list, buy, sell, or lease the parties real estate, incl...

Law of Agency Chapter 1 Latest Update Graded A Agent One who is authorized to act for or in the place of another. A broker who represents a client or a salesperson who represents a broker Principal One who the agent is acting on the behalf of Fiduciary Founded in trust or confidence. A relationship in trust. Associate A licensee associated with a broker Broker Associate One broker working with another broker who accepts responsibility for the broker associate's activities Broker License A ...