Requirements Governing the Activities of Licensees (10 items, 13%) Flashcards Preview

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Flashcards in Requirements Governing the Activities of Licensees (10 items, 13%) Deck (11)
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1

A broker may only offer those ___________ that the broker's office _______  permits.

But, if a consumer asks about a ________ _________, such as buyer agency, seller agency, or transaction-broker, the broker must provide Commission-approved __________ even if the broker does not offer that _____________. 

relationships; policy

legal relationship; definition; relationship. 

2

Prior to representation, the licensee is required to obtain a signed __________  ______________  disclosure from the principal(s).

The disclosure must be made at the time that specific ____________  is given to the buyer, seller, landlord or tenant.

agency relationship

assistance

3

*___________ assistance occurs when the licensee asks for or accepts ____________ information* concerning the __________'s real estate needs, motivations, or financial qualifications.

Specific

confidential

principal

4

Failure to discuss brokerage relationships before the principal enters into a transaction is a ____________ , but does not affect the _________ of a contract or of the __________ title.

violation

validity; transferred

5

A Single Agent is a __________ agent who must perform in the terms of:

-the written __________

-exercise reasonable _______ and _______

-promote the interests of the principal with utmost good ______, _______ and ________.

limited

-agreement

-skill and care

-faith, loyalty, and fidelity

 

6

The duties of a Single Agent are to the ________  who hires the agent, not to a ______ __________.

*The Seller's agent owes no  __________ to the Buyer except to disclose adverse __________ ______ , likewise, the Buyer's agent owes no duty or obligation to the _______.*

principal; third party.

loyalty; material facts; Seller.

7

*A transaction broker is not an  __________ for either party* to a transaction, though he may perform any _________ ______________made with the party to the transaction.

an advocate;

written agreement

8

Colorado Contracts to Buy & Sell allow that notice to the _________ is considered notice to the ________ working with that _________.

broker; party; broker.

9

When agreed to, brokers and principals may change their _________ arrangement.

An example would be if a _______-_______ became a buyer's broker by signing a _________ Agency agreement or a Change of ________ form.

brokerage;

 

transaction-broker

Buyer

Status

 

10

Company policy must provide for _____________ to conflicts of interest, 

such as when the ______ brokerage firm finds a buyer for a listing.

solutions; same

11

When changing the type of ________ _________ (such as to a transaction broker), the broker must inform the _________ in writing before showing a ___________ or conducting ____________.

broker agency; principal; property; business.