ARCHIVED BLOG POSTS
2014
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When disclosure requirements do not apply Nonresidential transactions, (Disclosure is required only for Residential transactions) Rental or leasing of real property, unless there is an option to purchase property improved with four or fewer residential units Auctions Appraisals Business enterpris...
07/14/2014
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Transition to another relationship Accomplished with the Consent to Transition to Transaction Broker Notice Buyer's or seller's signature (or initials) required before the licensee may change from one brokerage relationship to another If the principal refuses to sign or initial the consent to tra...
07/14/2014
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Designated sales associates This applies to nonresidential sales only Buyer and seller must each have assets of at least $1 million Broker designates one sales associate to work with buyer as a single agent and another to work with seller as a single agent Broker facilitates and advises designate...
07/14/2014
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Record keeping Brokers must retain agreements that engage the services of a broker Retain brokerage relationship disclosure documents and buyer broker agreements for five years Retention of documents applies to residential transactions that result in a written contract and nonresidential transact...
07/14/2014
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Elements for a cause of action for fraud The licensee made a misstatement or failed to disclose a material fact The licensee either knew or should have known that the statement was not accurate or that the undisclosed information should have been disclosed The party to whom the statement was made...
07/14/2014
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Ways to terminate a brokerage relationship Fulfillment of brokerage relationship's purpose (performance) Mutual agreement Expiration of terms of the agreement Broker renouncing relationship by giving notice (resignation) Principal or customer revokes by giving notice Death of either party Destruc...
07/14/2014
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Brokerage relationship limitations If the brokerage firm has a transaction broker relationship with the seller, the brokerage firm can also work with the buyer, in the same transaction, as a transaction broker or in no brokerage relationship. The brokerage firm cannot represent the buyer as a sin...
07/14/2014
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No brokerage relationship The broker may act in a no brokerage relationship (the broker doesn't represent either the buyer or the seller) The no brokerage relationship notice must be disclosed in writing before the showing of property No brokerage relationship duties Deal honestly and fairly Disc...
07/14/2014
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Subagents are persons authorized to assist and represent the agent A subagent has the same duties as the agent A broker's sales associates are general agents of the broker and subagents of the broker's principals In a single agent relationship, the broker is an agent of the principal Because a sa...
07/14/2014
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Transaction broker relationship The broker may work as a transaction broker for the buyer and/or the seller (presumed relationship) Transaction brokers provide limited representation The buyer or seller is not responsible for the acts of the licensee Parties give up their right to undivided loyal...
07/14/2014
Rainmaker
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2,487,222
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School / Owner and Instructor