Duties and Disclosures to Third Parties

Question 1

Customer service duties are owed to clients and customers by the agent. The consequence of not performing these well is:

Answer 1

Customers and clients refusing to work with the agent.

Question 2

In Texas, the seller’s disclosure of property condition:

Answer 2

is an optional form

Question 3

A “stigmatized property” is:

Answer 3

A property that is undesirable to buyers for some reason other than a physical quality.

Question 4

A misrepresentation:

Answer 4

is any untrue statement whether or not the person making it is aware it is untrue

Question 5

The duty of a seller’s agent to be loyal to the __ trumps the duty to be honest with the ___.

Answer 5

Seller/buyer

Question 6

What is the term for a person or organization that a person interacts with while acting as an agent for a principal party?

Answer 6

Third party

Question 7

What is private information?

Answer 7

Information about a person which is not public knowledge but which will most likely not result in identity theft if it is revealed

Question 8

What duties does a real estate agent have, with regard to the material facts?

Answer 8

A real estate agent should inform all parties of the material facts

Question 9

What is the term for a duty owed by an agent to someone who is not the principal party?

Answer 9

A non-fiduciary duty