You must disclose your agency status to each party in a transaction as soon as practicable. However, the initial disclosure may be oral - the law doesn't require written confirmation of the agency disclosure until each party is about to sign an offer. A counteroffer is a rejection of the previous offer.
What is a transaction licensee obligated to disclose quizlet?
What is a transaction licensee obligated to disclose. Material defects of the property. In addition to the Consumer Notice, the broker of the real estate firm must also establish procedures for disclosing. company policies regarding dual agency and designated agency.
When must a licensee disclose an adverse material fact quizlet?
Licensees must disclose adverse material facts either before or after closing. D. Licensees owe this duty to their clients only.
When must the licensee give the seller an agency disclosure quizlet?
1) When must a licensee provide an agency disclosure to a prospective client? - The listing agent must provide the disclosure to the seller prior to securing the listing agreement.
When must written disclosure of agency status be made to a buyer?
Really, the disclosure is meant to be given to buyers BEFORE the agent acts as the buyer's agent in any way, shape, or form... ...and BEFORE the agent starts giving the buyer home buying advice.
Who may a licensee represent in a real estate transaction quizlet?
A licensee assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation. An agent of an agent; a person an agent has delegated authority to so that the subagent can assist in carrying out the principal's orders.