Intermediary, appointed associates Flashcards
1
Q
What is an intermediary?
A
a process (requiring written consent) where a broker represents both a buyer and a seller of a single transaction.
2
Q
2 types of intermediary?
A
Intermediary with appointments
Intermediary without appointments
3
Q
What is an intermediary with appointments?
A
when a broker represents both the buyer and the seller but appoints two different agents to represent the buyer and the seller, respectively.
4
Q
What is an intermediary without appointments?
A
when one agent represents both parties of a transaction but is prohibited from giving advice to either. **This brings up some liability issues of fairness.
5
Q
What must a broker remain if involved in an intermediary process? What must they avoid?
A
remain neutral, avoid negotiation
